Arab Banking, Astra, Etisalat: Persian 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) dropped 1 percent to 6,459.23 yesterday in Riyadh. Bahrain’s and Dubai’s gauges retreated 0.2 percent.

Arab Banking Corp. (ABC BI): The Manama-based bank said first-half profit rose 55 percent to $116 million. The shares were unchanged at 46 cents.

Arabian Cement (ARCCO) Co: The Saudi Arabian producer of the building material posted a 38 percent increase in second- quarter profit on higher output and sales. The shares fell 0.9 percent to 46.5 riyals.

Astra Industrial Group (ASTRA) : The Saudi Arabian company operating in pharmaceuticals, specialty chemicals and steel industries said second-quarter profit rose to 67.3 million riyals ($18 million) from 61.5 million riyals a year earlier. The shares fell 0.9 percent to 33.6 riyals.

Bank Al-Jazira (BJAZ) : The Saudi Arabian lender posted a three-fold increase in second-quarter profit to 65 million riyals from 22 million riyals a year earlier. The shares fell 0.3 percent to 18.95 riyals.

Emirates Telecommunications Corp. (ETISALAT UH): The biggest of two telephone companies in the United Arab Emirates said second-quarter profit dropped to 1.59 billion dirhams from 1.87 billion dirhams a year earlier. The company’s board has recommended an interim dividend of 25 fils a share for the first half. The shares rose 0.9 percent to 11.05 dirhams.

Jazan Development Co. (GIZACO) : The company that develops farms around Jizan in Saudi Arabia said its second- quarter loss narrowed to 4.94 million riyals from 33.1 million riyals a year earlier. The shares were unchanged at 20 riyals.

Red Sea Housing Services Co. (REDSEA) : The Saudi Arabian developer said second-quarter profit increased to 21.39 million riyals from 14.52 million riyals in the year-earlier period. The shares were unchanged at 50.5 riyals.

Saudi Arabian Mining Co. (MAADEN AB): The state-controlled producer known as Ma’aden said second-quarter profit doubled to 62.5 million riyals because of higher gold prices and lower Islamic tax. The shares fell 1.1 percent to 26.3 riyals.

Zain Saudi Arabia (ZAINKSA AB): The unit of Kuwait’s Mobile Telecommunications Co. said its second-quarter loss narrowed to 448 million riyals from 632 million riyals a year earlier. The shares fell 0.8 percent to 6.5 riyals.

To contact the reporters on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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