Agility, Emaar, Industries Qatar, Qatar Telecom, Mal: 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.
The Dubai Financial Market General Index retreated 0.5 percent to 1,465.49 at the close in the emirate. Qatar’s QE Index dropped 0.6 percent and the Kuwait SE Price Index slipped 0.2 percent. Abu Dhabi’s measure advanced 0.6 percent.
Agility (AGLTY KK): Agility Public Warehousing Co. was notified by the U.S. Defense Logistics Agency that it should be prepared to continue delivering food supplies to U.S. troops in Iraq and Kuwait under a vendor contract until Dec. 4. The shares slipped 1.1 percent to 470 fils.
Al-Mal Investment Co. (ALMAL KK): The Kuwaiti investment company said its second-quarter loss narrowed to 2.5 million dinars ($8.7 million) from 7.3 million dinars the year earlier. The shares fell 2.7 percent to 71 fils.
Al-Tamdeen Real Estate Co. (TAM KK): The Kuwait-based property trader and developer said second-quarter profit increased 82 percent to 1.6 million dinars. The shares advanced 1.7 percent to 300 fils.
Emaar Properties PJSC (EMAAR UH): The builder of the world’s tallest tower in Dubai sold Hamptons Group Ltd.’s Europe, U.K. and Asia operations to Countrywide Plc for 428 million dirhams ($116 million), incurring a loss of 38.5 million dirhams.
Separately, Emaar sold a commercial property for 331.7 million dirhams. The company didn’t identify the building or the buyer. The shares fell 0.3 percent to 3.12 dirhams.
Industries Qatar (IQCD QD): The Gulf emirate’s state- controlled petrochemical and steelmaker said one of its units signed a contract with Samarco Mineracao SA for iron ore pellets. The shares retreated 1.8 percent to 100 riyals.
Qatar Telecom QSC (QTEL QD): The company that provides telecommunications services in 17 countries said second-quarter profit declined 45 percent to 571 million riyals ($157 million) after a one-time gain from license-fee changes wasn’t repeated. The shares retreated 0.4 percent to 165.4 riyals.