Persian Gulf Stocks: Savola, Aseer, Aramex, Saudi Research Move

Saudi Arabia’s Tadawul All Share Index (SASEIDX) snapped three days of losses, gaining 0.8 percent to 6,238.87 at the 3:30 p.m. close in Riyadh. Oman’s MSM30 Index (MSM30) advanced 1.2 percent.

The following shares were active in the Persian Gulf region. Stock symbols follow company names.

Aramex PJSC (ARMX) , the Middle East’s largest courier, rose 0.6 percent to 1.84 dirhams after the company said it acquired South Africa’s Berco Express (Pty) Ltd. for $55.5 million.

Aseer Co. (ATTMCO) , a diversified group, increased the most since Oct. 25, adding 4.8 percent to 15.30 riyals. The company’s board proposed 0.75 riyal a share in dividends for 2011.

Jabal Omar Development Co. (JOMAR) jumped 1.7 percent to 11.95 riyals, the highest price since Nov. 21, after the Saudi property company said it signed an agreement with the finance ministry for a 3 billion-riyal loan ($799.9 million).

Saudi Research & Marketing Group (RESEARCH) surged 8.9 percent, the most in more than five months, to 19.60 riyals after the newspaper publisher agreed to sell a stake in Intigral to Saudi Telecom Co. (STC) for 90 million riyals.

Savola Al-Azizia United Co. (SAVOLA) added 0.4 percent to 26.90 riyals, the highest close since Sept. 4. NCB Capital raised the Saudi food producer to “overweight” and increased its price estimate by 7 percent to 32 riyals.

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

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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