Bloomberg News

Saudi Equity Movers: Al-Mojil Group, Saudi Cable, Saudi Telecom

October 22, 2011

Oct. 22 (Bloomberg) -- The Tadawul All Share Index rose less than 0.1 percent to 6,108.94 at the 3:30 p.m. close in Riyadh.

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

Abdullah Al Othaim Markets (AOTHAIM AB) tumbled the most in two months, losing 2.3 percent to 93.75 riyals, after the operator of supermarket chains said third-quarter profit declined to 36 million riyals ($10 million) from 45.9 million riyals in the year-earlier period.

Mohammad Al-Mojil Group (MMG AB) decreased 1 percent to 20.20 riyals, the lowest price since Aug. 24, after the provider of services to the construction industry said third-quarter net income fell to 10.9 million riyals from 13.5 million riyals a year earlier.

Saudi Cable Co. (SCACO AB) retreated 2.5 percent to 11.90 riyals, the weakest level since Aug. 21. The cable and reel manufacturer said its third-quarter net loss narrowed to 14.8 million riyals from 71.5 million riyals a year earlier.

Saudi Telecom Co. (STC AB) dropped 4.4 percent, the biggest loss since April 20, to 34.50 riyals. Saudi Arabia’s largest phone company by market value said third-quarter profit dropped 53 percent to 1.56 billion riyals as it booked foreign-exchange losses and set aside money for provisions.

--Editors: Ana Monteiro, Paul Verschuur

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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