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Saudi Basic, Rabigh Refining, Kingdom: Saudi Equity Preview

Sept. 10 (Bloomberg) -- The following stocks may rise or fall in Saudi Arabia’s market. Stock symbols are in parentheses and prices are from the last close.

The Tadawul All Share Index gained 1 percent to 6,124.40 on Sept. 7.

Alsorayai Group (ALSORAYA AB): The Saudi manufacturer of carpets and rugs opens an outlet today in Dalton, Georgia. The opening of the $3 million center will be reflected in the company’s financial results in the coming years, Alsorayai said in a statement. The shares rose 0.7 percent to 21.10 riyals.

Kingdom Holding Co. (KINGDOM AB): The company controlled by Saudi billionaire Prince Alwaleed bin Talal said the group planning to buy Zain Kuwait’s stake in Zain Saudi Arabia expects to complete due diligence by the end of this month. The group intends to complete the proposed acquisition, Kingdom said. The shares rose 0.7 percent to 7.40 riyals.

National Shipping Co. (NSCSA AB): The Saudi operator of crude oil and chemical tankers said its National Chemical Carriers Ltd. Co. unit has received a new chemical tanker. The financial impact of the NCC Nasma’s delivery is expected to be felt starting in the third quarter, the company said. The shares rose 0.4 percent to 11.80 riyals.

Rabigh Refining & Petrochemicals Co. (PETROR AB): The petrochemicals company was downgraded to “neutral” from “outperform” with a price estimate of 24 riyals a share at Credit Suisse. The stock rose 2.5 percent to 22.35 riyals.

Saudi Basic Industries Corp. (SABIC AB): The world’s largest petrochemicals company was cut to “equalweight” from “overweight” at Morgan Stanley. The shares rose 1.9 percent to 94.50 riyals.

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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