Gulf Stocks: Al-Ahli Bank, Al Khaleej, Red Sea, Savola and Zain
The DFM General Index gained 0.8 percent, the most since Jan. 6, at the 2 p.m. close in Dubai. Abu Dhabi’s ADX General Index lost 0.4 percent and Saudi Arabia’s Tadawul All Share Index retreated 0.8 percent.
The following stocks rose or fell in the Gulf. Symbols are in parentheses.
Al-Ahli Bank of Qatar (ABQK QD) rose the most this year, gaining 1.7 percent to 60 riyals. The Qatari lender said full- year profit advanced 37 percent to 412.3 million riyals ($113 million).
Al Khaleej Training and Education Co. (ALKHLEEJ AB) retreated the most since June, decreasing 3.7 percent to 44.9 riyals. The information technology trainer said fourth-quarter profit fell to 19.8 million riyals ($5.3 million) from 25.2 million riyals
Dar Al Arkan Real Estate Development Co. (ALARKAN AB) slipped the most in more than two months, losing 1.5 percent to 10.05 riyals. Saudi Arabia’s biggest developer by market value said Moody’s Investors Service withdrew its ratings because the company wanted to reduce costs.
Mobile Telecommunications Co. (ZAIN KK) climbed the most in more than a month, rising 2.8 percent to 1,480 fils. Kuwait’s biggest phone operator will look to expand in emerging markets if a planned deal to sell a 46 percent stake to Emirates Telecommunications Corp. falls through, Chief Operating Officer Barrak al-Sabeeh said. Etisalat shares fell 0.5 percent to 10.55 dirhams, the lowest level since Sept. 26.
National Metal Manufacturing & Casting Co. (NMMCC AB) retreated the most since Jan. 15, losing 2.1 percent to 32.1 riyals. The Saudi maker of industrial wires and steel products said it had a fourth-quarter loss of 3 million riyals compared with a profit of 5.3 million riyals the year earlier.
Red Sea Housing Services Co. (REDSEA AB) tumbled the most since May, dropping 5.6 percent to 54.5 riyals. The Saudi Arabian provider of prefabricated housing reported a 2.4 percent decline in fourth-quarter profit to 22.4 million riyals on taxes and foreign levies.
Saudi Vitrified Clay Pipe Co. (SVCP AB) decreased the most in five months, falling 2.6 percent to 57 riyals. The manufacturer of clay pipes and fittings said fourth-quarter net income dropped 13 percent to 16.4 million riyals.
Savola Al-Azizia United Co. (SAVOLA AB) lost the most in more than seven months, tumbling 4.6 percent to 31.1 riyals. The Saudi Arabian food producer posted a 99 percent slump in fourth- quarter profit to 2 million riyals.
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