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Saudi Arabia Equity Movers: Almarai and Saudi Pharmaceutical

April 7 (Bloomberg) -- The Tadawul All Share Index fell for a second day, dropping 0.4 percent to 7,862.51 at the 3:30 p.m. close in Riyadh.

The following stocks were active in Saudi Arabia’s market.

Almarai Co. (ALMARAI AB) dropped the most in more than a year, losing 4.9 percent to 68.25 riyals. Saudi Arabia’s largest food producer by market value reported a 2.9 percent increase in first-quarter profit to 242.1 million riyals ($65 million), falling short of the 278 million-riyal median estimate of three analysts, according to data compiled by Bloomberg.

Saudi Pharmaceutical Industries and Medical Applications Corp. (SPIMACO AB) advanced 1.9 percent, the most in a week, to 48.4 riyals. The pharmaceutical maker signed an agreement with Sanofi to manufacture three drugs developed by the French company, Al-Riyadh newspaper reported yesterday, citing Spimaco President Hussain Ghannam.

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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