Saudi Stock Movers: Arabian Pipes, Zain Saudi, Yanbu Cement
Stock Chart for Arabian Pipes Co (APCO)
Saudi Arabia’s Tadawul All Share Index gained 0.2 percent to 6,633.90 as of 11:53 a.m. in Riyadh.
The following stocks rose or fell in Saudi Arabia’s market. Stock symbols are in parentheses.
Arabian Pipes Co. (APCO AB) rose as much as 9.9 percent, the most since Dec. 14, to 30 riyals. The Saudi maker of steel pipes won a 315 million-riyal ($84 million) contract to supply 420 kilometers of pipeline to GS Engineering & Construction Corp. It also bought Yadong Anti-Corrosion International Co.’s 50 percent stake in Arabian Yadong for Packaging Company Ltd. for 9.6 million riyals.
Mobile Telecommunication Co. Saudi Arabia (ZAINKSA AB) rose as much as 1.3 percent, the most since Dec. 27, to 7.9 riyals. The unit of Kuwait’s biggest mobile-phone company known as Zain won a contract valued at 40 million riyals from the Communications and Information Technology Commission. It also announced that it expanded its mobile telephony services in 500 additional residential areas in the kingdom.
Saudi Steel Pipe Co. (SSP AB) rose as much as 5 percent, the most since Dec. 14, to 25.30 riyals. The manufacturer of welded pipes won a 108 million-riyal contract in Abu Dhabi to supply pipes to a refinery.
Yanbu Cement (YNCCO AB) rose as much as 2.8 percent to 44 riyals, the highest since May 11. The Saudi Arabian cement maker said fourth-quarter net income rose to 101 million riyals from 82 million riyals a year ago.
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