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Arabian Pipes, Saudi Basic Industries: Saudi Equity Preview

The following stocks may be active in Saudi Arabia’s market. Stock symbols are in parentheses and prices are from the last close.

The Tadawul All Share Index dropped 0.4 percent to 6,697.80 on Jan. 26.

Arabian Pipes Co. (APCO AB): The Saudi maker of steel pipes won a contract valued at 22 million riyals ($5.9 million) to supply pipes to carry natural gas to Arkan Building Materials Co.’s new cement plant in Al-Ain in the U.A.E. The shares rose 1 percent to 30.8 riyals.

Saudi Basic Industries Corp. (SABIC AB): The world’s largest petrochemical maker plans to double its spending on innovation and developing new products in-house to about $800 million annually, according to Abdularahman al Ubaid, executive vice president of technology and innovation. The shares declined 0.9 percent to 106.25 riyals.

To contact the reporters on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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