Saudi stocks slide for fifth straight day

Riyadh: The Saudi Tadawul All Share Index dropped for a fifth day by as much as 2.5 per cent to 5,940.30, the lowest since June 7. The following stocks rose or fell in the Saudi stock market.

Saudi Arabian Fertiliser Co gained as much as 4.1 per cent, the highest intra-day gain since May 29, to 133.75 Saudi riyals (Dh130.9). The unit of Saudi Basic Industries Corp. (Sabic) decided to distribute a dividend of 1.5 billion riyals, or 6 riyals a share, for the first half of the year.

Saudi Industrial Development Co rose as much as 6.7 per cent, the most since June 15, to 9.5 riyals. The company that invests in manufacturers in the Jeddah area completed the sale of 3.2 million shares in Yanbu National Petrochemicals Co. for 133.6 million riyals, to realise a non-operational profit of 101.5 million riyals.

Jabal Omar Development Co declined 0.6 per cent to 18.2 riyals, the lowest since June 30. The real-estate developer in Makkah said its second-quarter loss narrowed to 7.6 million riyals from 18.3 million riyals.

Wataniya Insurance Co increased 4.9 per cent to 53.25 riyals, the most since June 29.

The company obtained 27 million riyals in contracts from car rental company United Motors Agencies.