Saudi Equity Movers: Astra, Al Rajhi Bank, Saudi Telecom Active

The Tadawul All Share Index (SASEIDX) advanced for a third day, gaining 1.4 percent to 7,618.07 at the 3:30 p.m. close in Riyadh.

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

Astra Industrial Group (ASTRA) rose to the highest since April 9, climbing 2.9 percent to 42.3 riyals. The Saudi Arabian company operating in pharmaceuticals, specialty chemicals and steel industries said first-quarter net income gained 3.4 percent to 64.1 million riyals ($17 million).

Al Rajhi Bank (RJHI) increased 1 percent to 78.75 riyals. Al Rajhi Bank Malaysia, a unit of the world’s biggest Islamic bank, may sell its first ringgit-denominated Shariah- compliant bonds to fund expansion, a company official said.

Saudi Arabian Mining Co. (MAADEN) climbed to the highest since April 9, rising 1.7 percent to 35 riyals. The state- controlled company that has a joint venture with Alcoa Inc. said it is talks with banks to obtain a 7 billion-riyal Islamic loan.

Saudi Cable Co. (SCACO) surged the most since January, soaring 9.8 percent to 21.85 riyals. The Saudi cable and reel maker said it won a 55 million-riyal contract from Korea.

Saudi Chemical Co. (SCCO) rose for a fifth day, increasing 1.2 percent to 43.9 riyals. The trader and manufacturer of pharmaceutical products said first-quarter profit rose to 87.8 million riyals from 86 million riyals a year earlier.

Saudi Industrial Services Co. (SISCO) advanced 3.5 percent, the most since April 17, to 19.15 riyals. Red Sea Gateway Terminal Co., a unit of Saudi Industrial, opened a $540 million container terminal at the port in Jeddah.

Saudi Telecom Co. (STC) jumped to the highest in more than a year, climbing 3.2 percent to 42.5 riyals. First-quarter profit surged 60 percent to 2.5 billion riyals, beating analysts’ forecasts.

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

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