Gulf Stocks: Arabian Cement, Jabal Omar, Southern Province
The Dubai Financial Market General Index retreated 1 percent to 1,603.42 at the 2 p.m. close in the emirate, bringing the loss for the year to 11 percent. Abu Dhabi’s measure dropped 0.4 percent and Qatar’s gauge declined 0.2 percent. Saudi Arabia’s Tadawul All Share Index slipped 0.5 percent.
The following stocks gained or fell in the Gulf. Symbols are in parentheses.
Arabian Cement Co. (ARCCO AB) slid 9.9 percent, the most in more than two years, to 34.5 riyals. The Saudi Arabian maker of building materials said its plant in Jordan is facing delays and will cost an additional $74 million.
Jabal Omar Development Co. (JOMAR AB) fell for a fourth day, decreasing 2.3 percent to 17.05 riyals. The real-estate developer in Saudi Arabia’s holy city of Mecca said its fourth- quarter loss widened to 11.3 million riyals ($3 million) from 1.5 million riyals in the year-earlier period, according to preliminary results.
Southern Province Cement Co. (SOCCO AB) retreated 2.4 percent to 61.5 riyals, the lowest close since August 2009. The Saudi cement maker forecast fourth-quarter profit will decline 11 percent to 161 million riyals because of higher costs.
Yamama Saudi Cement Co. (YACCO AB) dropped 1.9 percent, the most since July 19, to 52 riyals. Saudi Arabia’s third-largest producer by market value wants the government to lift the ban on cement exports on concern profit margins will drop as more supply pushes prices lower.
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