"Dar Al Arkan Real Estate Development Co. (ALARKAN) declined the most in more than four months after the board of the Saudi developer recommended not to distribute a dividend for last year.
The shares fell 4.7 percent, the most since January 8, to 9.1 riyals at 12:39 p.m. in Riyadh, making it the biggest decliner on the benchmark Tadawul All Share Index. About 56.7 million Dar Al Arkan shares traded, or 2.9 times the three-month daily average. The stock had gained 14 percent in the previous two trading days. The Tadawul index gained 0.3 percent.
“Retail investors will not like” the lack of a dividend, said Tariq Qaqish, head of asset management at Dubai-based Al Mal Capital PSC. Given the gains in the previous two days “we should expect profit taking.”"
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