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Jabal Omar Rises to 3-Month High on Forecast Loss to Narrow

Dec. 17 (Bloomberg) -- Jabal Omar Development Co., a Saudi Arabian property company, rose to a three-month high in Riyadh trading after saying its fourth-quarter loss will narrow.

The shares advanced as much as 2.9 percent to 12.30 riyals before paring gains to trade at 12.15 riyals at 1:12 p.m. local time.

The Mecca-based company said on Dec. 14 that its fourth-quarter loss will shrink to 9.5 million riyals ($2.5 million) from 11.3 million riyals a year earlier. The Saudi stock market was closed on Dec. 15 and 16.

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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