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Saudi Stock Movers: Dar Al Arkan, Taiba and Qassim Cement

June 26 (Bloomberg) -- The Saudi Tadawul All Share Index gained 0.2 percent to 6,352.89, the highest since June 22. The following stocks rose or fell in the Saudi stock market. Symbols are in parentheses.

Dar Al Arkan Real Estate Development Co. (ALARKAN AB) was unchanged at 12.8 riyals. Saudi Arabia’s biggest property company by market value swapped $225 million of its fixed-rate Islamic bonds into floating-rate notes to cut borrowing costs.

Taiba Holding Co. (TIRECO AB) decreased 1.2 percent, its steepest one-day drop in a month, to 16.35 riyals. The Saudi real-estate developer in Medina said it won’t pay a second-quarter dividend because of a payment delay from the kingdom’s Ministry of Finance.

Qassim Cement Co. (QACCO AB) gained 0.7 percent to 70.75 riyals, the highest one-day price gain since June 23. The board of the Saudi cement maker approved payment of 2.25 riyals per share in dividends for the first half.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

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

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