Gulf Stocks: Gulf Navigation, Kingdom Holding, Medicare Group
Dubai’s DFM General Index (DFMGI) advanced to the highest this year, rising 1.6 percent to 1,680.96 at the 2 p.m. close in the emirate. Abu Dhabi’s ADX General Index (ADSMI) climbed 0.2 percent and Saudi Arabia’s Tadawul All Share Index (SASEIDX) gained 0.8 percent.
The following stocks rose or fell in the Persian Gulf region. Symbols are in parentheses.
Fawaz Abdulaziz Alhokair & Co. (ALHOKAIR) advanced the most since March 27, gaining 2.1 percent to 44.5 riyals. The Saudi Arabian clothing retailer said fiscal fourth-quarter profit climbed to 55.4 million riyals ($15 million) from 27.7 million riyals a year earlier.
Gulf Navigation Holding (GULFNAV) PJSC climbed for a third day this week, advancing 1 percent to 42.4 fils. Dubai’s only publicly traded oil-tanker owner said it signed agreements valued at 1 billion dirhams ($272 million) to charter two very large crude carriers to Grand China Logistics Holding Co.
Kingdom Holding Co. (KINGDOM) rallied the most in a month, rising 5.4 percent to 8.80 riyals. The investment company controlled by Saudi billionaire Prince Alwaleed bin Talal said first-quarter profit advanced 20 percent to 90.6 million riyals because of investment gains and a decline in expenses.
Medicare Group (MCGS) QSC jumped the most in three years, surging 10 percent to 24.6 riyals. The operator of health clinics in Qatar said first-quarter profit rose to 16 million riyals from 6.1 million riyals a year earlier.
Saudi Telecom Co. (STC) fell the most in almost two months, declining 4.7 percent to 36.5 riyals. The Saudi Arabian phone company said first-quarter profit dropped 11 percent to 1.57 billion riyals from a year earlier due to a one-off grant to Saudi employees of the company.
Waha Capital PJSC (WAHA) gained to the highest since March 2010, rising 2.6 percent to 78 fils. The leasing company based in Abu Dhabi said the board will meet April 24 to discuss the timing and terms of a mandatory convertible note sale under a 1 billion-dirham borrowing program.
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