Dar Al Arkan, Al-Khodari Sons: Saudi Arabian Equity Preview

The following stocks may be active in Saudi Arabia’s market. Stock symbols are in parentheses and prices are from the last close.

The Tadawul All Share Index (SASEIDX) lost 0.3 percent to 7,374.92 on March 7.

Abdullah A.M. Al-Khodari Sons Co. (ALKHODAR) : The Saudi Arabian contracting company signed a contract valued at 35 million riyals ($9.3 million) to implement a sewage project for the electricity ministry. The shares declined 2.3 percent to 53.75 riyals.

Dar Al Arkan Real Estate Development Co. (ALARKAN) : Saudi Arabia’s second-biggest property company by market value had its credit rating downgraded to B+ from BB- and was placed on negative watch by Standard & Poor’s. “The company is, in our opinion, sensitive to the timing of operating cash inflows and to investor and creditor sentiment running up to the refinancing,” the rating company said March 7. The shares rose 1.5 percent to 10.15 riyals.

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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