Burgan, Dana, Dlala, Halwani, Qtel, National Leasing: 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 DFM General Index advanced 0.2 percent to 1,689.71 while Abu Dhabi’s ADX General Index retreated 0.2 percent. Qatar’s QE Index slipped 0.1 percent. Kuwait’s SE Price Index and Saudi’s Tadawul All Share Index were little changed.
Burgan Bank SAK (BURG KK): The Kuwait-based lender expects third-quarter bad debt provisions to be lower than those booked in the second quarter, Chairman Majed Easa al Ajeel said in remarks aired by Al Arabiya television. The shares retreated 1 percent to 480 fils.
Dana Gas PJSC (DANA UH): The United Arab Emirates energy company along with Crescent Petroleum Co., Mol Nyrt and OMV AG will produce 300 million cubic feet a day of gas from its project in Iraq’s Kurdistan region in 2012, a year later than expected. The shares fell 1.2 percent to 82 fils.
Dlala Brokerage & Investment Holding Co. (DBIS QD): The Qatari asset manager and stockbroker said its nine-month profit was 8.2 million riyals ($2.25 million) after a loss of 8.4 million riyals in the same period last year. The shares advanced 0.6 percent to 16.7 riyals.
Halwani Bros Co. (HB AB): The Saudi food processing company said third-quarter profit doubled on lower costs and higher sales. The shares jumped 1.6 percent to 45 riyals.
Qatar Electricity and Water Co. (QEWS QD): The owner of power and desalination stations in the Persian Gulf emirate plans to bid for a 1,400-megawatt power plant project in Oman, the company’s General Manager Fahad al-Mohannadi said. The shares fell 0.1 percent to 109 riyals.
Qatar Telecom (QTEL QD): The company known as Qtel sees buying the Saudi unit of Kuwait’s Mobile Telecommunications Co., known as Zain, as “something to be considered” as it studies growth opportunities in the Middle East, Asia and North Africa. The shares slid 0.4 percent to 172.8 riyals.
National Leasing Co. (NLCS QD): The Qatari Islamic financier said nine-month profit almost tripled to 149.1 million riyals compared with the year-ago period. The shares gained 1.1 percent to 38.1 riyals.
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