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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.

Saudi Arabia’s Tadawul All Share Index (SASEIDX) lost 1.6 percent, Dubai’s DFM General Index (DFMGI) slipped 0.7 percent and Qatar’s QE Index (DSM) dropped 0.5 percent.

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.

To contact the reporters on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net;

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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