Gulf Stocks: Al-Khaleej, Doha Bank, Kingdom, Saudi Telecom, Qassim Cement

Qatar’s DSM 20 Index rose 0.7 percent, the first time in a week, to 7,549.55. Kuwait’s index slipped 1.4 percent, and Saudi Arabia’s measure declined 0.8 percent as of 2:31 p.m. in Riyadh.

The following stocks rose or fell in the Gulf. Symbols are in parentheses.

Al-Khaleej Insurance & Reinsurance Co. (AKHI QD) jumped 8.1 percent to 38.8 riyals, the highest level since Sept. 29. The Qatari provider of non-life insurance said first-quarter net income rose to 49 million riyals ($13.5 million) from 37.2 million riyals in the year-earlier period.

Aref Investment Group (AIG KK) retreated 5.3 percent to 89 fils, the lowest since February 2003. The Kuwaiti investment company reported a full-year loss of 127.6 million dinars ($443 million) after a 4.6 million-dinar profit a year earlier. The company recommended not paying dividend for 2009.

Commercial Bank of Qatar QSC (CBQK QD) advanced 1.1 percent, the most since April 12, to 76.2 riyals. Profit fell 33 percent to 410 million riyals. The median estimate in a Bloomberg survey of five analysts was for net income of 370 million riyals. HC Securities raised its share-price estimate to 90.8 riyals from 80.6 riyals.

Doha Bank QSC (DHBK QD) rose 1.8 percent, the most in almost a month, to 51.3 riyals. Net income dropped 4.5 percent to 315 million riyals, beating the median estimate of 220 million riyals in a Bloomberg survey of three analysts. BofA Merrill Lynch Global Research raised the bank’s shares to “buy.” Separately, the lender plans to sell senior bonds in dollars, it said without disclosing the size of the debt program.

Kingdom Holding Co. (KINGDOM AB) advanced 9.2 percent, the most since Jan 17, to 10.10 riyals. Saudi billionaire Prince Alwaleed bin Talal in January transferred about 2.24 billion riyals ($600 million) of Citigroup Inc.’s shares to Kingdom. Citigroup posted net income of $4.43 billion in the first quarter after a loss in the fourth quarter.

Qassim Cement Co. (QACCO AB) fell for a third time this week, losing 1.7 percent to 72.50 riyals. The Saudi Arabian cement and clinker maker said first-quarter profit declined 4 percent to 145.2 million riyals on lower prices for its products.

Saudi National Petrochemical Co. (PETROCH AB) fell 3.4 percent, the most since Dec. 8, 2009, to 18.60 riyals. The company also known as Petrochem said the first-quarter loss widened to 43 million riyals from 7.9 million riyals in the year-earlier period.

Saudi Telecom Co. (STC AB) retreated 6.5 percent, the most since January 2009, to 42.9 riyals. The Arab world’s largest phone company’s first-quarter net income dropped 29 percent to 1.77 billion riyals ($472 million) as international calls became cheaper and charges for using outside networks increased.

To contact the reporter on this story: Dana El Baltaji in Dubai at delbaltaji@bloomberg.net

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