Yanbu Cement, Saudi Real Estate, Jarir: Saudi Equity Preview
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 (SASEIDX) gained 0.6 percent to 6,002.09 on Oct. 5.
Advanced Petrochemicals Co. (APPC) : The Saudi Arabian petrochemical maker said it halted operations at its polypropylene plant to do maintenance for ten days, which will impact financial results in the fourth quarter. The shares rose 1.5 percent to 27.60 riyals on Oct. 5.
Amana Cooperative Insurance Co. (AMANA) : The Saudi Arabian insurance company said its managing director Lucien Lucien Joseph Letayf resigned and will stay as a board member and that General Manager Salih Al Omair will take over from Letayf. The shares advanced 0.6 percent to 32.20 riyals.
Dar Al Arkan Real Estate Development Co. (ALARKAN) : Saudi Arabia’s biggest property company by assets was initiated with a “hold” recommendation and a share-price estimate of 6.45 riyals at Rasmala. The shares advanced 0.8 percent to 6.10 riyals.
Emaar Economic City (EMAAR) : The unit of Dubai’s Emaar Properties PJSC (EMAAR) was started with a “hold” recommendation and a share-price estimate of 6.55 riyals at Rasmala. The stock added 0.8 percent to 6.40 riyals.
Jarir Marketing Co. (JARIR) : Saudi Arabia’s largest stationery and bookseller by market value had its price estimate raised to 200 riyals from 190 riyals at Beltone Financial. The shares rose 2.9 percent to 178 riyals.
Methanol Chemicals Co. (CHEMANOL) : The producer of methanol derivatives also known as Chemanol posted a 26.7 million-riyal ($7.1 million) profit in the third quarter, up from a loss of 15.6 million riyals in the year-earlier period. The shares rose 0.9 percent to 11.25 riyals.
Saudi Paper Manufacturing Co. (SPM) : The Saudi Arabian maker of tissue paper and CDG Maroc agreed to extend due diligence for Saudi Paper to acquire a 51 percent stake in Cellulose De Maroc until the end of this month. The shares gained 0.3 percent to 36.30 riyals.
Saudi Real Estate Co. (SRECO) : The property developer was rated “buy” in new coverage at Rasmala and given a share- price estimate of 26.55 riyals. The shares dropped 0.4 percent to 23.30 riyals.
Yanbu Cement (YNCCO) Co: The Saudi Arabian maker of the building material posted a 33 percent increase in third-quarter profit to 125 million riyals. The shares dropped 0.5 percent to 55.75 riyals.
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