Bloomberg News

Saudi Equity Movers: Al Rajhi, Saudi Hollandi, Sipchem, Amiantit

October 15, 2011

Oct. 15 (Bloomberg) -- The Tadawul All Share Index rose 1 percent to 6,164.60, the highest level since Sept. 17, at the 3:30 p.m. close in Riyadh.

The following stocks rose or fell in Saudi Arabia’s market.

Al Rajhi Bank (RJHI AB) rose the most in a week, gaining 0.7 percent to 69 riyals. Saudi Arabia’s largest publicly traded lender by market value said third-quarter profit rose 18 percent to 1.94 billion riyals, beating analyst estimates. Al Rajhi was rated “neutral” in new coverage with a share price estimate of 78 riyals at JPMorgan Chase & Co.

Banque Saudi Fransi (BSFR AB) rallied the most in six weeks, gaining 3.6 percent to 40 riyals after the Saudi lender part-owned by Credit Agricole SA said third-quarter profit rose 22 percent to 760 million riyals ($203 million).

Samba Financial Group (SAMBA AB) gained 0.7 percent to 44.90 riyals after trading up as much as 1.6 percent. The kingdom’s second-largest lender by market value was rated “overweight” in new coverage with a share price estimate of 62 riyals at JPMorgan Chase & Co.

Saudi Arabian Amiantit Co. (SAAC AB) advanced 0.7 percent to 14.90 riyals, the highest price since Oct. 3. The building materials manufacturer posted a 3 percent increase in third- quarter profit to 43.6 million riyals from a year earlier.

Saudi Hollandi Bank (AAAL AB) gained the most in seven months, jumping 5 percent to 27.20 riyals. The Saudi Arabian lender posted a third-quarter profit of 299.4 million riyals, almost four times the profit for the year-earlier period of 85.3 million riyals. Results beat the 239.6 million-riyal mean estimate of five analysts compiled by Bloomberg.

Saudi International Petrochemical Co. (SIPCHEM AB) surged the most since March 16, gaining 4.9 percent to 19.25 riyals. The company also known as Sipchem said third-quarter profit more than doubled to 208.4 million riyals from 84.1 million riyals a year earlier as output increased.

--Editors: James Kraus, Inal Ersan

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


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus