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Saudi Stock Movers: Al-Hassan Shaker, Amiantit, Saudi Paper

Nov. 20 (Bloomberg) -- Saudi Arabia’s Tadawul All Share Index fell the most in five weeks, dropping 0.9 percent to 6383.69, the lowest since Nov. 3 at the 3:30 p.m. close in Riyadh.

The following stocks rose or fell in Saudi Arabia’s market. Stock symbols are in parentheses.

Al-Hassan G.I. Shaker Co. (SHAKER AB) soared 9.7 percent, the most since May 18, to 62.5 riyals. The Saudi Arabian manufacturer of cooling systems and home appliances will distribute a nine-month cash dividend of 3 riyals a share, or 105 million riyals ($28 million).

Saudi Arabian Amiantit Co. (SAAC AB) dropped 1.2 percent, the most in four weeks, to 17.25 riyals. The producer of building materials abandoned plans to invest 230 million riyals setting up a pipe producer in Bahrain as demand slumped after the global financial crisis. The company would have produced fibreglass, epoxy and ductile pipes.

Saudi Paper Manufacturing Co. (SPM AB) rose 2.7 percent, the most since July 5, to 49 riyals. The Saudi Arabian maker of tissue paper signed an agreement to purchase a paper converting factory in Turkey valued at 26 million riyals. The company will finance the deal from its own resources.

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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