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Persian Gulf Stocks: Saudi Research, Sorouh, Rabigh Refining

Oct. 19 (Bloomberg) -- The DFM General Index advanced 0.4 percent, the most since Oct. 6, at the 2 p.m. close in Dubai. Saudi Arabia’s Tadawul All Share Index decreased 0.7 percent.

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

Astra Industrial Group (ASTRA AB) sank to the lowest in a month, losing 1.2 percent to 31.9 riyals. The Saudi Arabian company operating in pharmaceuticals, specialty chemicals and steel industries posted a 27 percent decline in third-quarter profit to 58.5 million riyals ($15.6 million).

Rabigh Refining and Petrochemical Co. (PETROR AB) lost the most since March 1, decreasing 10 percent to 22.95 riyals. The joint venture between state-owned Saudi Aramco and Sumitomo Chemical Co. of Japan said its third-quarter loss widened to 280.6 million riyals from 237.2 million riyals.

Saudi Research & Marketing Group (RESEARCH AB) retreated to the lowest in more than two weeks, dropping 1.8 percent to 16.8 riyals. The newspaper publisher said third-quarter profit dropped to 8.8 million riyals from 10.8 million riyals the year earlier.

Sorouh Real Estate Co. (SOROUH UH) rallied the most since April 19, increasing 3.4 percent to 92 fils. Abu Dhabi’s second-biggest property developer by market value was started with a “hold” recommendation and a price estimate of 1.10 dirhams at Arqaam Capital. Excluding today, the stock had slumped 18 percent this month.

The Company for Cooperative Insurance (TAWUNIYA AB) dropped the most since July 19, sinking 7.4 percent to 50.25 riyals. The Saudi insurer known as Tawuniya said third-quarter profit declined 54 percent to 76 million riyals.

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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