Persian Gulf Stocks: Saudi Fransi, Qatar Electricity, Yamamah
Qatar’s benchmark QE Index (DSM) advanced 1.1 percent to 8,880.43, the highest since Feb. 15, at the 1 p.m. close in Doha. Saudi Arabia’s Tadawul All Share Index climbed 0.2 percent.
The following shares were active in the Persian Gulf. Stock symbols follow company names.
Banque Saudi Fransi (BSFR) rose 1.7 percent to 42.50 riyals, the highest close since Nov. 12. The Saudi Arabian lender part-owned by Credit Agricole SA (ACA) plans to raise its capital by 25 percent by distributing one free share for every four held.
Qatar Electricity & Water Co. (QEWS) advanced 1.2 percent, the most since Dec. 20, to 141.30 riyals. The shares were started with “add” and a price estimate of 173 riyals at Beltone Financial.
United Development Co. (UDCD) increased for the first time in three days, gaining 1.3 percent to 23.1 riyals amid investor speculation that a 16 percent plunge in two days was exaggerated. The Qatari company that invests in energy and infrastructure had tumbled after the country’s pension fund said Dec. 28 it seeks to buy 80 million shares at 20 riyals each.
It’s a “correction,” said Omar Darwish, an equity sales trader at Cairo-based Commercial International Brokerage.
Yamamah Saudi Cement Co. (YACCO) climbed for a third day, gaining 0.7 percent to 71.25 riyals. The Saudi cement maker said its estimated fourth-quarter profit rose to 191 million riyals ($51 million) from 160 million riyals a year earlier on higher sales.
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