Saudi Equity Movers: Saudi Arabian Refinery, Saudi Basic Drops

The Tadawul All Share Index (SASEIDX) fell 0.3 percent to 6,202.45 at 11:59 a.m in Riyadh. The following stocks rose or fell in Saudi Arabia’s market.

Saudi Arabian Refinery Co. (SARCO AB) gained 10 percent, the maximum fluctuation allowed in a trading session, to 55 riyals, its highest closing price since Nov. 2009. The company investing in oil refineries and fuel distribution known as Sarco, filed a court case against Saudi Arabian Oil Co. for 1.2 billion riyals ($320 million). The court will look into the case Dec. 18. Sarco claimed that the state-owned company known as Saudi Aramco excluded it from participating in expansion work on a refinery in Jeddah on the Red Sea.

Saudi Basic Industries Corp. (SABIC) dropped 0.8 percent to 95 riyals. after the world’s largest petrochemicals company known as Sabic, had its price estimate lowered 4.8 percent to 119 riyals by HSBC Holdings Plc.

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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