Arab Banking, Ahli United, Aldar: Gulf Equity Preview
(Corrects size of National Bank of Oman.)
The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.
Dubai’s DFM General Index (DFMGI) rallied 1.6 percent to 1,648.44, the highest level since Jan. 10, at the 2 p.m. close. Abu Dhabi’s ADX General Index (ADSMI) increased 0.7 percent, while Qatar’s QE Index (DSM) slipped 0.6 percent.
Ahli United Bank BSC (AUB BI): The Bahraini lender said first-quarter profit rose to $77.3 million from $65.7 million in the year-earlier period. The shares fell 2.7 percent to $0.72.
Aldar Properties PJSC (ALDAR) : Abu Dhabi’s biggest developer by market value expects financial results this year to be “much better” than last year as the company hands over 2,000 residential units, Chief Executive Officer Sami Asad said. The shares advanced 2.5 percent to 1.67 dirhams.
Arab Banking Corp. (ABC BI): The Bahraini bank said first- quarter profit rose to $48 million from $41 million a year earlier as interest income climbed and impairment provisions fell. The shares were unchanged at $0.57 when they last traded April 14.
Arabian Cement (ARCCO) Co: The Saudi Arabian producer of cement and clinker said first-quarter profit increased 42 percent to 116 million riyals from a year ago. The shares slid 1.5 percent to 32.6 riyals.
Etihad Etisalat Co. (EEC) : Saudi Arabia’s second-largest phone company by market value said first-quarter profit rose to 998 million riyals from 714 million riyals a year earlier. The shares retreated 1.9 percent to 52.5 riyals.
Gulf International Services QSC (GISS QD): The Qatari holding company said first-quarter net income was 86.3 million riyals ($24 million). The company posted a profit of 148.7 million riyals in the first quarter of 2010, according to data compiled by Bloomberg. The shares increased 0.2 percent to 29.05 riyals.
Herfy Food Services Co. (HERFY) : Saudi Arabia’s largest fast-food chain said first-quarter profit rose to 32.5 million riyals from 28.1 million riyals a year earlier. The shares tumbled 1.8 percent to 81.5 riyals.
National Bank of Oman (NBOB OM): The sultanate’s second- biggest lender by assets said first-quarter profit increased to 7.7 million rials ($20 million) from 6.6 million rials a year earlier. The shares gained 0.3 percent to 0.308 rial.
Qatar International Islamic Bank (QIIK) : The country’s third-largest Islamic bank by assets said first-quarter profit rose 13 percent to 159 million riyals. The shares advanced 0.8 percent to 46.85 riyals.
Saudi Arabian Mining Co. (MAADEN AB): The company known as Ma’aden said first-quarter profit rose to 43.7 million riyals from 20.6 million riyals a year earlier as gold prices climbed. The shares increased 1 percent to 25.1 riyals.
Sorouh Real Estate Co. (SOROUH) : Abu Dhabi’s second- biggest property developer by market value put its projects in Egypt and Morocco on hold until there is more clarity about the market, Managing Director Abubaker Seddiq Al Khouri said. The shares climbed 2.1 percent to 1.45 riyals.
Zamil Industrial Investment Co. (ZIIC) : The maker of building materials in Saudi Arabia said it signed a contract with Gulf Insulation Group to merge some plants under a unit in which Zamil will own 51 percent. The shares fell 1.3 percent to 30.5 riyals.
To contact the editor responsible for this story: Claudia Maedler at email@example.com