Aldar, Emaar, Herfy Food Services, Sabic: 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 0.8 percent to 1,622.31 and Qatar’s gauge advanced 0.4 percent. Saudi Arabia’s Tadawul All Share Index retreated 0.8 percent.
Aldar Properties PJSC (ALDAR UH): Standard & Poor’s Ratings Services revised the creditwatch implications on its B/B ratings for Abu Dhabi’s biggest developer to “developing” from “negative.” Moody’s Investors Service placed its ratings on review with “direction uncertain.”
Separately, Chief Commercial Officer Mohammed Al Mubarak said Aldar has no plans to delist its shares from the stock market. The shares rose 3.5 percent to 2.1 dirhams.
Arabian Cement Co. (ARCCO AB): The Saudi Arabian maker of building materials posted a fourth-quarter profit of 10 million riyals ($2.7 million) after a loss of 87.4 million riyals in the year-ago period. The shares were unchanged at 33.5 riyals.
Arriyadh Development Co. (ADCO AB): The Saudi property developer said fourth-quarter net income increased 9 percent to 25.9 million riyals. The shares decreased 2.2 percent to 15.8 riyals.
Commercial Bank of Qatar (CBQK QD): Qatar’s second-biggest lender by assets reported the receipt of funds from Qatar Investment Authority. The shares declined 0.2 percent to 92.8 riyals.
Emaar Properties PJSC (EMAAR UH): The United Arab Emirates’ biggest developer by market value said it hired banks to arrange meetings with fixed-income investors before a planned bond issue. The shares advanced 0.3 percent to 3.42 dirhams.
Fawaz Abdulaziz Alhokair & Co. (ALHOKAIR AB): The clothing retailer said third-quarter net for the period ended December fell to 33.9 million riyals from 42.4 million riyals a year earlier. The shares rose 0.2 percent to 45.7 riyals.
Herfy Food Services Co. (HERFY AB): Saudi Arabia’s largest fast-food chain said fourth-quarter net rose to 33.1 million riyals from 29.6 million riyals a year earlier. The shares decreased 1.5 percent to 81.25 riyals.
Saudi Electricity Co. (SECO AB): Ali al-Barrak, chief executive officer of the state-controlled utility, told CNBC Arabiya the company will invest tens of billions of riyals this year. He also said fourth-quarter net fell for seasonal reasons. The shares declined 1.1 percent to 13.95 riyals.
Saudi Basic Industries Corp. (SABIC AB): The world’s biggest petrochemicals maker said fourth-quarter profit rose 27 percent to 5.81 billion riyals from 4.58 billion riyals a year earlier, falling short of estimates. The shares retreated 1.3 percent to 110.75 riyals.
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