Arabtec, Emaar, Etisalat, Qatar Islamic Bank, Zain: Gulf Equity Preview
The following stocks 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 gained 1 percent, Qatar’s gauge advanced 0.2 percent and Abu Dhabi’s measure increased 0.3 percent. Saudi Arabia’s Tadawul All Share Index retreated 0.4 percent to the lowest level since Sept. 19.
Al Jouf Agricultural Development Co. (JADCO AB): The Saudi Arabian producer of agricultural products said third-quarter profit rose to 23.6 million riyals ($6.3 million) from 16.8 million riyals in the year-earlier period. The shares rose 0.6 percent to 31.8 riyals.
Arabtec Holding Co. (ARTC UH): OAO Gazprom Neft won final approval from the Russian government to build what may become Europe’s tallest skyscraper in the center of St. Petersburg, Kommersant reported. Arabtec, the biggest publicly listed builder in the United Arab Emirates, has the contract to build the tower. The shares advanced 0.9 percent to 2.18 dirhams.
Emaar Properties PJSC (EMAAR UH): The builder of the world’s tallest skyscraper in Dubai exercised the over-allotment option of as much as $50 million on its convertible note sale, raising the final offering size to $500 million. The shares climbed 1.1 percent to 3.83 dirhams.
Emirates Telecommunications Corp. (ETISALAT UH): The U.A.E.’s largest phone company said its alternative packages will no longer be available after Research In Motion Ltd. averted a ban on its BlackBerry services in the country. Emirates Integrated Telecommunications Co. (DU UH) said BlackBerry services for both consumer and enterprise customers will function normally. Etisalat shares gained 0.5 percent to 10.75 dirhams, while Du shares rose 0.4 percent to 2.68 dirhams.
Qatar Islamic Bank (QIBK QD): The Gulf emirate’s biggest Shariah-compliant lender accepted a request from Chief Executive Officer Salah Al Jaidah to step down for personal reasons. The bank appointed Ahmad Meshari as acting CEO. The shares increased 0.1 percent to 82.5 riyals.
Mobile Telecommunications Co. (ZAIN KK): Kuwait’s sovereign wealth fund didn’t receive an offer for its stake in the mobile phone company known as Zain, the fund’s Managing Director Bader al-Saad told Al Arabiya TV. The shares advanced 1.5 percent to 1,360 fils.
National Gypsum Co. (NGCO AB): The Saudi Arabian maker of building materials said third-quarter profit fell to 10.8 million riyals from 23.3 million riyals in the year-earlier period. The shares rose 0.3 percent to 29.9 riyals.
To contact the editor responsible for this story: Claudia Maedler in Dubai at firstname.lastname@example.org