Air Arabia, Aldar, Dana Gas, Knowledge Economic City: Gulf Equity Preview
Stock Chart for Air Arabia PJSC (AIRARABI)
The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.
The DFM General Index slid 1.6 percent, the most since June 29, to 1,493.6 at the close in the emirate. Qatar’s QE Index retreated 0.3 percent. Oman’s benchmark stock index, Kuwait’s market gauge and Abu Dhabi’s ADX General Index were little changed, decreasing less than 0.1 percent.
Air Arabia PJSC (AIRARABI UH): The Middle East’s largest low-cost airline reported a 44 percent decline in second-quarter profit to 50 million dirhams ($13.6 million) on rising fuel cost. The shares were unchanged at 84.8 fils.
Aldar Properties PJSC (ALDAR UH): Abu Dhabi’s biggest property developer was cut to “sell” from “neutral” and its 12-month price estimate was lowered to 2.01 dirhams at EFG- Hermes Holding SAE, citing the company’s “high debt pressures.” The shares fell 5.2 percent to 2.18 dirhams.
Dana Gas PJSC (DANA UH): The United Arab Emirates energy company said a natural-gas contract between its largest shareholder Crescent Petroleum Co. and National Iranian Oil Co. remains binding. The shares dropped 3.8 percent to 77 fils.
Dar Al Arkan Real Estate Development Co. (ALARKAN AB): Saudi Arabia’s biggest property company by market value was raised to “overweight” from “neutral” at Taib Bank EC with a price estimate of 14.21 riyals. The shares slid 0.8 percent to 11.75 riyals.
Industries Qatar (IQCD QD): The second-biggest petrochemicals maker in the Middle East was lowered to “neutral” from “overweight” at HSBC Holdings Plc with a price estimate of 110 riyals. The shares retreated 0.9 percent to 102.1 riyals.
Knowledge Economic City (KEC AB): Shares of the project being developed in Medina, Saudi Arabia will start trading on the kingdom’s bourse today, the Saudi Press Agency reported on Aug. 2.
Qatar Islamic Bank SAQ (QIBK QD): The Gulf state’s biggest Shariah-compliant lender is looking for partners in Indonesia to expand in Southeast Asia, the Malaysian Reserve reported, citing Mohamed Azahari Kamil, chief executive officer of Asian Finance Bank Bhd., Qatar Islamic’s unit in Malaysia. The shares declined 0.9 percent to 74.6 riyals.
Qatar Industrial Manufacturing (QIMD QD): The producer of building materials, chemicals and paper reported a 10.5 percent increase in first-half profit to 89.4 million riyals ($24.5 million) from the year-earlier period. The shares lost 1.6 percent to 43.1 riyals.
Soor Fuel Marketing Co. (SOOR KK): The fuel company that owns about a third of Kuwait’s gas stations said second-quarter profit fell 58 percent to 749,724 dinars ($2.6 million), according to a statement to Kuwait’s bourse. The shares were unchanged at 330 fils.
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