Saudi stocks dropped the most in almost two weeks on concern quarterly results at the kingdom’s biggest companies may miss estimates and as security forces arrested a dissident, stoking concern tensions may escalate.
Qassim Cement (QACCO) Co., a Saudi Arabian producer of the building material, fell 1.5 percent after second-quarter profit missed analysts’ forecasts. Saudi Telecom Co. (STC), the kingdom’s largest phone company, slumped the most since March 2011. The Tadawul All Share Index (SASEIDX) declined 1.4 percent, the biggest decrease since June 27, to 6,756.99 at the close in Riyadh. The DFM General Index (DFMGI) slipped 0.4 percent and the Bloomberg GCC 200 Index (BGCC200) lost 1 percent.
“Investors are waiting for results of the bigger Saudi companies, including Sabic, and are worried some may disappoint,” said Turki Fadaak, head of research at Riyadh- based Albilad Investment Co.
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