Gold Drops to $1,200/oz for First Time Since June in New York
Aramex, Doha Bank, Kuwait Cement, QNB and Saudi Kayan: Gulf Equity Preview
The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.
Dubai’s DFM General Index fell 1.4 percent, the most this month, to 1,506.95. Qatar’s QE Index rose 0.3 percent and the Kuwait Stock Exchange Index gained 0.5 percent. Bahrain’s gauge lost 0.7 percent and Saudi Arabia’s benchmark index declined 0.2 percent.
Abu Dhabi National Co. for Building Materials PJSC (BILDCO UH): The supplier of steel, cement and hardware to construction companies said second-quarter profit fell to 7.16 million dirhams ($1.9 million) from 18.6 million dirhams a year earlier. The shares jumped 7.5 percent to 2.15 dirhams when they last traded on July 21.
Arabtec Holding PJSC (ARTC UH): The United Arab Emirates’ biggest builder said it signed an accord with Khoie Properties for the construction of the La Hoya Bay Development in Ras Al Khaimah’s Marjan Island. The shares plunged 4.9 percent to 1.74 dirhams.
Aramex PJSC (ARMX UH): The Middle East’s biggest courier company said second-quarter profit rose 10 percent to 55 million dirhams as freight services grew in Europe and India. The shares were unchanged at 1.67 dirhams.
Doha Bank QSC (DHBK QD): Qatar’s third-biggest bank by assets plans to sell bonds in dollars and riyals by year end, Chief Executive Officer Raghavan Seetharaman said. The shares increased 1.1 percent to 44.4 riyals.
Drake & Scull International PJSC (DSI UH): The Dubai-based mechanical, electrical and plumbing company said its Abu Dhabi unit formed a company called Campco Properties Llc in partnership with Buhairan Ltd. The shares declined 3.6 percent to 85 fils.
Kuwait Cement Co. (KCEM KK): The Gulf state’s biggest publicly traded cement maker by market value reported an 82 percent decline in second-quarter profit to 3.8 million dinars ($13.2 million). The shares gained 3.1 percent to 660 fils.
Qatar National Bank (QNBK QD): The Gulf Arab country’s biggest lender by assets was raised to “buy” from “hold” at Global Investment House, with a price estimate of 155.5 riyals. The shares slipped 0.2 percent to 135.3 riyals.
Qatar Telecom QSC (QTEL QD) The telecommunications company known as Qtel broke the law when it partnered with Virgin Mobile in May to offer new services, a regulator said. The shares rose 0.7 percent to 167.2 riyals.
Saudi Kayan Petrochemical Co. (KAYAN AB): The unit of Saudi Basic Industries Corp. (SABIC AB) said the cost of its Jubail petrochemicals plant may rise 24 percent, or 9 billion riyals ($2.4 billion). Saudi Kayan retreated 0.3 percent to 17.95 riyals. Sabic was unchanged at 88.25 riyals.
Union Properties PJSC (UPP UH): Dubai’s third-biggest developer may agree this week to sell the Ritz-Carlton hotel development in Dubai for almost its asking price of 1.5 billion dirhams, The National reported, citing Chairman Khalid bin Kalban. The shares retreated 1.3 percent to 38.6 fils.