Gulf Stocks: Advanced Petrochemicals, Arabian Pipes, Oman Cement
Stock Chart for Arabian Pipes Co (APCO)
The Dubai Financial Market General Index fell 0.4 percent to 1,627.79 at the 2 p.m. close in the emirate. Abu Dhabi’s measure was little changed while Saudi Tadawul All Share Index advanced 0.2 percent.
The following stocks rose or fell in the Gulf. Symbols are in parentheses.
Advanced Petrochemicals Co. (APPC AB) rose the most since Dec. 21, gaining 1.9 percent to 27.3 riyals. The Saudi Arabian chemicals producer said its fourth-quarter profit increased to 89.4 million riyals ($24 million) from 28.7 million riyals in the year-earlier period.
Arabian Pipes Co. (APCO AB) rallied to the highest since May 24, advancing 2.6 percent to 31.5 riyals. The Saudi maker of steel pipes won an 11.8 million-riyal order from Saudi Basic Industries Corp. The company expects to see the effect of the sale in the second quarter.
Dar Al Arkan Real Estate Development Co. (ALARKAN AB) rose 2.6 percent to 10 riyals, the highest since Oct. 3. Saudi Arabia’s biggest property company by market value signed a 14- year lease contract with Saudi Hypermarkets Co., which operates Carrefour supermarkets in the kingdom, Asharq al-Awsat reported.
Oman Cement Co. (OCOI OM) slipped 3.1 percent to 0.622 rial, the lowest since Nov. 4. The sultanate’s second-largest maker of the building material by market value said full-year profit for 2010 will fall by 2.25 million rials ($5.8 million) after the company sets aside money to cover environmental compensation.
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