Bloomberg News

Saudi Equity Movers: Emaar, Chemanol, Saudi Real Estate, Sabic

October 08, 2011

Oct. 8 (Bloomberg) -- Saudi Arabia’s Tadawul All Share Index rose 1.4 percent, the largest gain in three weeks, to 6,084.55 at the 3:30 p.m. close in Riyadh. The following stocks rose or fell.

Emaar Economic City (EMAAR AB) advanced the most in three weeks, gaining 2.3 percent to 6.55 riyals. The unit of Dubai’s Emaar Properties PJSC was started with a “hold” recommendation and a share-price estimate of 6.55 riyals at Rasmala.

Methanol Chemicals Co. (CHEMANOL AB) rose the most in seven months, gaining 5.3 percent to 11.85 riyals after the producer of methanol derivatives posted a 26.7 million-riyal profit in the third quarter after a loss of 15.6 million riyals in the year-earlier period.

Saudi Basic Industries Corp. (SABIC AB), the world’s biggest petrochemicals maker, increased the most since March, climbing 2.9 percent to 90.25 riyals. Oil rose in New York yesterday, capping the biggest weekly gain in seven months, as larger-than-forecast U.S. jobs growth eased concern that the economy is slowing. Crude oil for November delivery surged 4.8 percent in the week to $82.98 a barrel.

Saudi Real Estate Co. (SRECO AB) advanced 0.9 percent to 23.50 riyals, its highest price since Aug. 3, after the property developer was rated “buy” in new coverage at Rasmala with a share-price estimate of 26.55 riyals.

--Editors: David Risser, Claudia Maedler

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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