Emaar, Etisalat, Industries Qatar, Shuaa: Gulf Equity Preview
Stock Chart for Emaar Properties PJSC (EMAAR)
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) fell 1 percent, the most since March 15. Abu Dhabi’s ADX General Index (ADSMI) rose 0.1 percent and Saudi Arabia’s Tadawul All Share Index (SASEIDX) advanced 0.4 percent.
Emaar Properties PJSC (EMAAR) : The builder of the world’s tallest tower in Dubai said first-quarter profit dropped 45 percent to 421 million dirhams ($115 million), missing analyst estimates, as it delivered fewer units in Burj Khalifa. The shares retreated 1.4 percent to 3.44 dirhams.
Emirates Telecommunications Corp. (ETISALAT UH): The United Arab Emirates biggest phone company known as Etisalat said Chief Financial Officer Salem Al Sharhan resigned for personal reasons. The shares were unchanged at 10.35 dirhams.
Industries Qatar QSC (IQCD) : The Middle East’s second- biggest petrochemicals company said it is “on track” to reach a profit of 4.9 billion riyals ($1.35 billion) this year. Net income is forecast to drop to 4.6 billion riyals in 2012 before rising to 5 billion riyals in 2013.
Separately, the company plans “major shutdowns” at facilities in 2012 and 2013, including a 42-day outage at an ethylene plant in the fourth quarter of next year. The shares fell 0.7 percent to 146.5 riyals.
Ras Al Khaimah Cement Co. (RAKCC) : The producer of cement in the U.A.E. said first-quarter profit dropped to 274,643 dirhams from 3 million dirhams a year earlier. The shares increased 0.9 percent to 1.12 dirhams.
Shuaa Capital PSC (SHUAA) : The U.A.E.’s biggest investment bank said head of research, Amer Halawi, resigned last week for personal reasons. Walid Shihabi, who heads the brokerage unit, will oversee the research division. The shares were unchanged at 1.2 dirhams.
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