Aramex, Drake & Scull, Sorouh, Oman Insurance, Waha: Gulf Equity Preview
The DFM General Index lost 1.9 percent to 1,714.09, the lowest since March 11. Abu Dhabi’s index retreated 0.9 percent, while the Kuwait Stock Exchange Index gained 0.2 percent.
The following stocks may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.
Aramex PJSC (ARMX UH): The Middle East’s biggest courier company said first-quarter profit advanced 10 percent to 47.5 million dirhams ($13 million) as revenue rose on income from the freight-forwarding business. The shares advanced 2.5 percent to 1.67 dirhams.
Abu Dhabi National Energy Co. (TAQA UH): The emirate’s state-run utility known as Taqa appointed Abdulla Saif Al-Nuaimi as chief executive officer. The shares fell 4.7 percent to 1.22 dirhams.
Damas International Ltd. (DAMAS DU): The Dubai-based jewelry retailer appointed Ibrahim Belselah as chairman. Damas’s board also appointed a number of committees including corporate governance, risk, audit and compliance. The shares were unchanged at 16.5 cents.
Danah Al Safat Foodstuff Co. (DANAH KK): The Kuwaiti fish and food processing company posted a first-quarter profit of 2.3 million dinars ($8 million) after a 420,304 dinars loss in the year-earlier period. The shares rose 2.2 percent to 190 fils.
Drake & Scull International (DSI UH): The Dubai-based construction company was rated new “overweight” at HSBC Holdings Plc and assigned a price estimate of 1.20 dirhams by equity analyst Alia El Mehelmy. The shares slid 3.3 percent to 85.9 fils.
National Bank of Abu Dhabi PJSC (NBAD UH): United Arab Emirates’ banks are facing a tight liquidity situation, said Michael Tomalin, the chief executive officer of NBAD, the country’s second-biggest bank by assets. The shares were unchanged at 12 dirhams.
Oman Insurance Company PSC (OIC UH): The United Arab Emirates-based insurer was placed on negative watch at Standard & Poor’s after directors resigned. The shares declined 0.1 percent to 8.98 dirhams when they last traded on April 27.
Sorouh Real Estate PJSC (SOROUH UH): Abu Dhabi’s second- biggest property developer by market value said first-quarter profit rose 3.4 percent to 129.7 million dirhams. The shares lost 5.1 percent to 2.24 dirhams.
Waha Capital PJSC (WAHA UH): The Abu Dhabi-based investment and leasing company had a first-quarter profit of 33.4 million dirhams. The shares slid 2.7 percent to 73 fils.
To contact the reporter on this story: Zahra Hankir in Dubai at firstname.lastname@example.org
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