Aabar, Arabtec, Etisalat, Saudi Steel, Savola, Shuaa: Gulf Equity Preview
The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.
The DFM General Index dropped 2.3 percent to 1,775.56 in Dubai, and Abu Dhabi’s ADX General Index fell 1 percent.
Aabar Investments PJSC (AABAR UH): The Abu Dhabi company, which abandoned a plan to buy 70 percent of Dubai’s Arabtec Holding Co. last week, formed a property unit. The shares lost 2.2 percent to 2.28 dirhams.
Arabtec Holding Co. (ARTC UH): Arabtec Construction, a unit of Arabtec Holding Co., will receive 40 percent of the total outstanding payments from Nakheel PJSC by the end of April, Emirates Business 24/7 reported. Arabtec retreated 5.6 percent to 2.51 dirhams.
Emirates Integrated Telecommunications Co. (DU UH): The Dubai-based phone company known as Du plans to raise 1 billion dirhams ($272 million) through a rights offer to fund expansion. The shares declined 0.7 percent to 2.86 dirhams.
Emirates Telecommunications Co. (ETISALAT UH): The United Arab Emirates’ telecommunications company posted an 8.4 percent decline in first-quarter profit. Separately, the company raised its stake in Zanzibar Telecom by 14 percent to 65 percent at a cost of $16 million. The shares dropped 0.9 percent to 10.65 dirhams.
Sahara Petrochemical Co. (SPC AB): The producer of propylene and other chemicals returned to profit in the first quarter. The shares gained 1.4 percent to 24.95 riyals.
Saudi Arabian Mining Co. (MAADEN AB): The state-controlled metals producer known as Ma’aden said first-quarter profit climbed to 20.6 million riyals from 18.4 million riyals. The shares lost 0.8 percent to 19.15 riyals.
Savola Al Azizia United Co. (SAVOLA AB): The Saudi Arabian food producer said first-quarter profit more than doubled to 394 million riyals from 193 million riyals in the year-earlier period. The company also appointed Abdul-Raouf Mana’a as managing director. The shares retreated 1.9 percent to 37.1 riyals.
Saudi Pharmaceutical Industries & Medical Appliance Corp. (SPIMACO AB): The company also known as Spimaco said first- quarter profit increased 6 percent on higher sales. The shares fell 0.6 percent to 34.6 riyals.
Saudi Steel Pipe Co. (SSP AB): The manufacturer of welded pipes said first-quarter profit dropped to 20 million riyals from 33.6 million riyals. The shares declined 0.6 percent to 32.2 riyals.
Shuaa Capital PSC (SHUAA UH): The biggest investment bank in the U.A.E. said its shareholders approved a proposal to set off accumulated losses against excess statutory reserves. The shares were unchanged at 1.43 dirhams.
Sorouh Real Estate PJSC (SOROUH UH): Abu Dhabi’s second- biggest property developer by market value signed an agreement worth 5.4 billion dirhams ($1.5 billion) with the emirate’s government to build homes for Emiratis. The shares retreated 2.9 percent to 2.38 dirhams.
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