Aramex, Kipco, Kuwait Projects, Tabreed: 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 Dubai Financial Market General Index gained 1.3 percent to 1,499.04 and Abu Dhabi’s ADX General Index rose 1.1 percent. Saudi Arabia’s market is shut for the weekend and will be closed on Feb. 26 for a holiday.
Aramex Co. (ARMX UH): The Middle East’s biggest courier company was raised to “neutral” from “sell” at EFG-Hermes Holding with a price estimate of 1.71 dirhams. The shares surged 4.6 percent to 1.58 dirhams.
Kipco Asset Management Co. (KAMCO KK): The Kuwaiti investment banking and financial advisory firm got approval to buy back as much as 10 percent of its shares. The shares dropped 1.6 percent to 300 fils when they last traded Feb. 13.
Kuwait Projects Co. (KPROJ KK): The country’s biggest privately owned investment firm posted a 22 percent rise in 2010 profit to 45 million dinars ($161 million) from the year-earlier period. The shares gained 4 percent to 390 fils.
National Central Cooling Co. (TABREED UH): The United Arab Emirates utility’s floating rate note due in July and its mandatory convertible bond due in May were rated "underweight" at JPMorgan Securities Ltd. The shares rose 1.7 percent to 1.23 dirhams.
Omani Qatari Telecommunications Co SAOG (NWRS OM): The Omani mobile-phone company controlled by Qatar Telecom QSC recommended a 2010 dividend of 0.038 rial a share. The shares declined 2 percent to 0.756 rial.
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