Alinma, Al-Rajhi, Arab National Bank: Saudi Equity Preview
The following stocks may rise or fall in Saudi Arabia’s market. Stock symbols are in parentheses and prices are from the last close.
The Tadawul All Share Index (SASEIDX) advanced 0.3 percent to 6362.42, the highest since Feb. 19.
Alinma Bank (ALINMA) : The Saudi Arabian Islamic bank signed an agreement with five partners to create an insurance company, Tokio Marine Saudi Arabia. The shares were unchanged at 9.6 riyals.
Al-Rajhi Bank (RJHI) : Saudi Arabia’s biggest lender by market value was cut to “neutral” from “buy” and assigned a price estimate of 85 riyals at EFG-Hermes Holding SAE. The shares were unchanged at 77 riyals.
Arab National Bank (ARNB) : Saudi Arabia’s sixth-largest publicly traded lender by assets was cut to “neutral” from “buy” and assigned a price estimate of 46 riyals at EFG. The shares gained 0.9 percent to 43.7 riyals.
Bank Al-Jazira (BJAZ) : The smallest Saudi Arabian lender by market value was cut to “sell” from “neutral” and assigned a price estimate of 16 riyals at EFG. The shares rose 0.6 percent to 18.1 riyals.
Jabal Omar Development Co. (JOMAR) : The real estate developer in Saudi Arabia’s holy city of Mecca said its first quarter loss narrowed 17 percent to 7.4 million riyals ($2 million) from a year earlier. The shares declined 0.3 percent to 14.90 riyals.
Sahara Petrochemical Co. (SPC) : The Saudi Arabian manufacturer of chemicals said its unit Al-Waha Petrochemical Co. will start commercial operations on April 1. The shares rose 4.3 percent to 21.80 riyals.