Saudi Arabian Equity Movers: Jabal Omar, Al Jouf, Saudi Cable

The Tadawul All Share Index (SASEIDX) rose 0.2 percent to 6,253.66 at the 3:30 p.m. close in Riyadh.

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

Al Jouf Agricultural Development Co. (JADCO) reached its highest close since January 2008, gaining 5.8 percent to 34.90 riyals. The board of the Saudi Arabian producer of olive oil and dairy products proposed a dividend of 2 riyals a share for 2011.

Jabal Omar Development Co. (JOMAR) added 1.3 percent to 12.10 riyals, its highest price since Oct. 1. The Saudi property company said its fourth-quarter loss will narrow 16 percent to 9.5 million riyals ($2.5 million) from 11.3 million riyals a year earlier.

Saudi Cable Co. (SCACO) advanced 1.5 percent to 13.65 riyals. The manufacturer of cables and reels said it will pay the second part of the 2010 dividend, or 0.375 riyals a share, starting tomorrow.

Saudi Paper Manufacturing Co. (SPM) gained 1.1 percent to 36.80 riyals, the highest price since Dec. 11, after the Saudi Arabian maker of tissue paper said it dropped plans to acquire a 51 percent stake in Cellulose De Maroc from CDG Maroc.

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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