Bloomberg News

Persian Gulf Stocks: National Shipping, Safco, Saudi Kayan

April 15, 2012

Saudi Arabia’s Tadawul All Share Index (SASEIDX) slumped 2.3 percent, the most since Aug. 20, at the 3:30 p.m. close in Riyadh. The DFM General Index (DFMGI) fell 0.2 percent to 1,675.15, while Abu Dhabi’s ADX General Index (ADSMI) declined 0.4 percent.

The following shares were active in the Persian Gulf region. Stock symbols are in parentheses.

National Shipping Co. (NSCSA) advanced the most in almost two months, surging 4.8 percent to 17.65 riyals. The operator of crude oil and chemical tankers said first-quarter profit jumped to 160 million riyals ($43 million) from 60 million riyals a year earlier.

Saudi Arabian Fertilizer Co. (SAFCO) fell 2.5 percent to 178.5 riyals, the lowest since Feb. 22. The company 43 percent- owned by Saudi Basic Industries Corp. (SABIC) said first-quarter profit dropped 5.5 percent to 787 million riyals, missing analysts’ estimates.

Saudi Kayan Petrochemical Co. (KAYAN) slumped the most since Jan. 17, decreasing 6.5 percent to 17.4 riyals. The company 35 percent-owned by Saudi Basic said first-quarter loss widened to 71 million riyals from 8.33 million riyals a year earlier.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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