Jabal Omar Rises to 3-Month High on Forecast Loss to Narrow
Jabal Omar Development Co. (JOMAR), a Saudi Arabian property company, rose to a three-month high in Riyadh trading after saying its fourth-quarter loss will narrow.
The shares advanced as much as 2.9 percent to 12.30 riyals before paring gains to trade at 12.15 riyals at 1:12 p.m. local time.
The Mecca-based company said on Dec. 14 that its fourth- quarter loss will shrink to 9.5 million riyals ($2.5 million) from 11.3 million riyals a year earlier. The Saudi stock market was closed on Dec. 15 and 16.
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