Aldar, Emaar, Galfar, Sahara, Methanol: 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.
Aldar Properties PJSC (ALDAR) : Abu Dhabi’s biggest real- estate developer by market value reported a profit after five quarterly losses. First-quarter net income was 189.1 million dirhams ($51.5 million) after a loss of 314.2 million dirhams a year earlier. The shares dropped 2.5 percent to 1.55 dirhams.
Emaar Properties PJSC (EMAAR) : The builder of the world’s tallest skyscraper formed a team of senior managers and external consultants to develop a five-year corporate plan. The shares declined 1.5 percent to 3.19 dirhams.
Galfar Engineering & Contracting SAOG (GECS) : The Omani construction company reported a first-quarter profit of 1.38 million rials ($3.58 million) after a loss of 844,000 rials a year earlier as it reduced expenses. The shares rose 0.2 percent to 0.48 rial.
Sahara Petrochemical Co. (SPC) : The Saudi Arabian manufacturer of chemicals signed a heads of agreement with Mitsubishi Gas Chemical Co. and Sojitz Corp. to build a neopentyl glycol plant at the cost of 470 million riyals. The shares tumbled 3.6 percent to 23.95 riyals.
Methanol Chemicals Co. (CHEMANOL) signed a memorandum of understanding with Sahara Petrochemical to supply formaldehyde to the plant for a 15 percent stake. The shares dropped 1.4 percent to 13.75 riyals.
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