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Saudi stocks drop led by Al Rajhi and Sabic

NEW YORK — Saudi Arabian stocks fell for a third day. Al Rajhi Bank, the largest listed bank in the kingdom, and Saudi Basic Industries Corp., the biggest publicly traded maker of chemicals in the world, led the decline.

The Tadawul All Share Index dropped 0.6 per cent to 7,722.53 in Riyadh at 11:59 a.m. as 83 stocks declined, 10 rose and 12 were unchanged.

Al Rajhi sank 0.9 per cent to 85.25 Saudi riyals. Saudi Basic, also known as Sabic, dropped 0.6 per cent to 126.75 riyals.

Jazan Development Co., the Saudi Arabian farm developer and fish processor, declined 5.3 per cent to 22.25 riyals. The company said third-quarter net income tumbled 79 per cent to 4.4 million Saudi riyals ($1.2 million).

Riyad Bank , a Saudi Arabian bank, added 0.9 per cent to 59 riyals. The company said third-quarter net income jumped 10 per cent to 716 million riyals on growth in its main business.

Tabuk Cement Co. , the Saudi Arabian cement maker slipped 0.8 per cent to 30.75 riyals. The company said third- quarter net income fell 8.3 per cent to 55 million riyals as sales declined.—