Etisalat and Kuwait Real Estate: Gulf Equity Preview

The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.

Kuwait’s benchmark index dropped 0.5 percent, the most since March 23, to 6,294.50 at the 12:30 p.m. close in Kuwait City. Dubai’s DFM General Index (DFMGI) lost 0.8 percent.

Emirates Telecommunications Corp. (ETISALAT UH): The Middle East’s biggest phone company by market value, known as Etisalat, said it decided not to proceed with a bid for a mobile license in Syria. The shares fell 0.5 percent to 10.9 dirhams.

Kuwait Projects Co. (KPROJ KK): Kuwait’s biggest privately owned investment firm forecasts profit to increase this year as it seeks acquisition opportunities, Vice Chairman Faisal al- Ayyar told shareholders yesterday in Kuwait City. The shares fell 2.5 percent to 390 fils.

Kuwait Real Estate Co. (KRE) : The Kuwaiti-based property company reported a loss of 20.7 million dinars ($75 million) in 2010 after a profit of 2.1 million dinars the previous year. The shares fell 3.7 percent to 52 fils.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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