Saudi Arabia Equity Movers: Almarai, Jarir Marketing and Spimaco

The Tadawul All Share Index (SASEIDX) fell for a second day, dropping 0.7 percent to 7,843.42 at 12:17 p.m. in Riyadh.

The following stocks were active in Saudi Arabia’s market.

Almarai Co. (ALMARAI) headed for the biggest drop in more than a year, losing 3.8 percent to 69 riyals. Saudi Arabia’s largest food producer by market value reported a 2.9 percent increase in first-quarter profit to 242.1 million riyals ($65 million), falling short of the 278 million-riyal median estimate of three analysts, according to data compiled by Bloomberg.

Jarir Marketing Co. (JARIR) headed for the highest close on record, rising 0.7 percent to 155.25 riyals. Saudi Arabia’s largest stationery and electronic products retailer said its first-quarter profit increased 20 percent to 164.2 million riyals on higher sales of laptops and smart phones.

Saudi Pharmaceutical Industries and Medical Applications Corp. (SPIMACO AB) advanced 1.1 percent, the most in a week, to 48 riyals. The pharmaceutical maker signed an agreement with Sanofi to manufacture three drugs developed by the French company, Al-Riyadh newspaper reported yesterday, citing Spimaco President Hussain Ghannam.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

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