Saudi Equity Movers: Al Rajhi, Saudi Hollandi, Sipchem, Amiantit

The Tadawul All Share Index (SASEIDX) rose 1 percent to 6,164.60, the highest level since Sept. 17, at the 3:30 p.m. close in Riyadh.

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

Al Rajhi Bank (RJHI) rose the most in a week, gaining 0.7 percent to 69 riyals. Saudi Arabia’s largest publicly traded lender by market value said third-quarter profit rose 18 percent to 1.94 billion riyals, beating analyst estimates. Al Rajhi was rated “neutral” in new coverage with a share price estimate of 78 riyals at JPMorgan Chase & Co.

Banque Saudi Fransi (BSFR) rallied the most in six weeks, gaining 3.6 percent to 40 riyals after the Saudi lender part-owned by Credit Agricole SA said third-quarter profit rose 22 percent to 760 million riyals ($203 million).

Samba Financial Group (SAMBA) gained 0.7 percent to 44.90 riyals after trading up as much as 1.6 percent. The kingdom’s second-largest lender by market value was rated “overweight” in new coverage with a share price estimate of 62 riyals at JPMorgan Chase & Co.

Saudi Arabian Amiantit Co. (SAAC) advanced 0.7 percent to 14.90 riyals, the highest price since Oct. 3. The building materials manufacturer posted a 3 percent increase in third- quarter profit to 43.6 million riyals from a year earlier.

Saudi Hollandi Bank (AAAL) gained the most in seven months, jumping 5 percent to 27.20 riyals. The Saudi Arabian lender posted a third-quarter profit of 299.4 million riyals, almost four times the profit for the year-earlier period of 85.3 million riyals. Results beat the 239.6 million-riyal mean estimate of five analysts compiled by Bloomberg.

Saudi International Petrochemical Co. (SIPCHEM) surged the most since March 16, gaining 4.9 percent to 19.25 riyals. The company also known as Sipchem said third-quarter profit more than doubled to 208.4 million riyals from 84.1 million riyals a year earlier as output increased.

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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