Saudi Equity Movers: Saudi Basic, Alsoraya, Kingdom Holding

The Tadawul All Share Index (SASEIDX) rose 0.2 percent to 6,138.06 at the 3:30 p.m. close in Riyadh.

The following stocks rose or fell in Saudi Arabia’s market.

Alsorayai Group (ALSORAYA) gained 1.2 percent to 21.35 riyals. The Saudi manufacturer of carpets and rugs opens an outlet today in Dalton, Georgia. The opening of the $3 million center will be reflected in the company’s financial results in the coming years, Alsorayai said in a statement.

Kingdom Holding Co. (KINGDOM) rallied 0.7 percent to 7.45 riyals. The company controlled by Saudi billionaire Prince Alwaleed bin Talal said the group planning to buy Zain Kuwait’s stake in Zain Saudi Arabia expects to complete due diligence by the end of this month. The group intends to complete the proposed acquisition, Kingdom said.

National Shipping Co. (NSCSA AB) added 0.4 percent to 11.85 riyals after the Saudi operator of crude oil and chemical tankers said its National Chemical Carriers Ltd. Co. unit has received a new chemical tanker. The financial impact of the NCC Nasma’s delivery is expected to be felt starting in the third quarter, the company said.

Saudi Basic Industries Corp. (SABIC) lost 0.3 percent to 94.25 riyals after the world’s largest petrochemicals company was cut to “equalweight” from “overweight” at Morgan Stanley.

To contact the reporter 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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