Bloomberg News

Saudi Equity Movers: Sabic, Kayan, Zain Saudi Arabia, Kingdom

October 01, 2011

Oct. 1 (Bloomberg) -- The Tadawul All Share Index climbed less than 0.1 percent to 6,116.71 by the 3:30 p.m. close in Riyadh. The following were among the most active stocks in Saudi Arabia’s market today. Stock symbols are in parenthesis.

Zain Saudi Arabia (ZAINKSA AB) declined 2.4 percent, the steepest loss since Aug. 14, to 6.10 riyals after Kingdom Holding Co. (KINGDOM AB) and Bahrain Telecom Co. said they won’t proceed with an offer to buy a 25 percent stake in the kingdom’s third-largest mobile-phone company by market value for $950 million. Kingdom Holding’s shares gained 0.3 percent to 7.40 riyals.

Saudi Basic Industries Corp. (SABIC AB), the world’s largest petrochemicals company, dropped 0.8 percent to 91.75 riyals, its biggest fall since Sept. 12. The company’s Sabic Innovative Plastics unit had its ratings withdrawn by Moody’s Investors Service.

Saudi Kayan Petrochemical Co. (KAYAN AB) rose the most in a month, gaining 1.5 percent to 17.25 riyals after the unit of Saudi Basic Industries Corp. said it began commercial operations at most of its main plants in Jubail Industrial City as of today.

--Editors: Alex Nicholson, Digby Lidstone

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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