Persian Gulf Stocks: Saudi Basic Industries and Kingdom Holding

Saudi Arabia (SABIC)’s Tadawul All Share Index (SASEIDX) gained 0.3 percent to 6,744.53 at the 3:30 p.m. close in Riyadh, bringing this week’s advance to 1.3 percent. Dubai’s benchmark DFM General Index (DFMGI) rose 0.6 percent to 1,477.86.

The following shares were active in the Persian Gulf region. Stock symbols are in parentheses.

Saudi Basic Industries Corp. (SABIC AB), the world’s biggest petrochemicals maker, increased 0.8 percent to 90.25 riyals, the fourth advance in five days. Crude for July delivery earlier rose as much as 0.6 percent today to $83.82 a barrel.

Kingdom Holding Co. (KINGDOM) rose 3 percent to 12.2 riyals, the highest since May 8, bringing the gain this week to 16 percent. The company earlier this week said a unit sold its stake in Movenpick Resort & Spa Karon Beach Phuket for $90 million. Separately, Elad Group is close to selling its stake in New York’s Plaza Hotel to Sahara India Pariwar, and Kingdom will hold a 25 percent stake after the deal is done, according to a person with knowledge of the transaction.

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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