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Al-Khalij, Etisalat, Masraf al-Rayan, Zain: 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.

The DFM General Index climbed 0.5 percent to 1,834.03, the highest level since April 6, and Abu Dhabi’s measure increased 0.6 percent. Saudi Arabia’s Tadawul All Share Index slipped 0.2 percent, the first decline in four days, to 6,883.14. Kuwait’s gauge dropped for a third day, losing less than 0.1 percent. Qatar’s DSM 20 Index rose 0.2 percent.

Abu Dhabi Commercial Bank PJSC (ADCB UH): The third-biggest bank in the United Arab Emirates by assets has no current need to sell bonds, Alrroya newspaper reported today, citing Chairman Eissa al-Suwaidi. The shares jumped 1 percent to 2.02 dirhams.

Al-Khalij Holding (KHCD QD): The Qatari holding company reported a first-quarter profit of 11 million riyals ($3 million) compared with 5 million riyals a year earlier. The shares dropped 1.2 percent to 16.9 riyals.

Arriyadh Development Co. (ADCO AB): The Saudi residential and commercial property developer said first-quarter profit increased to 23 million riyals ($6.1 million) from 22 million riyals a year earlier as income from rentals increased. The shares fell 0.8 percent to 13.25 riyals.

Barwa Real Estate Co. (BRES QD): The developer’s offer to buy Qatar Real Estate Investment Co. (QRES QD) will close on April 14, according to an e-mailed statement from Barwa. Barwa shares declined 1.2 percent to 33.2 riyals and Qatar Real Estate shares fell 1.2 percent to 33.5 riyals.

Burgan Bank SAK (BURG KK): The Kuwaiti bank extended its credit facility for a 44.5 million-dinar ($154.8 million) port project. The shares rose 1.4 percent to 375 fils.

Dubai Financial Market PJSC (DFM UH): The only Gulf Arab market to sell shares to the public had its share-price estimate cut to 1.2 dirhams from 1.58 dirhams at Shuaa Capital PSC, which cited “lower forecasted traded values and implied weaker revenues.” The shares advanced 1 percent to 1.98 dirhams.

Emirates Telecom Corp. (ETISALAT UH): The U.A.E. telecommunications company hasn’t signed any memorandum of understanding with Korek Telecom to acquire a majority stake in Korek, Chief Financial Officer Salem al-Sharhan said in an e-mailed statement today. The shares rose 1.4 percent to 10.8 dirhams.

Masraf al-Rayan (MARK QD) The Qatar-based Islamic bank said first-quarter profit rose 49 percent to 312 million riyals, or 0.4 riyal a share, on higher income from lending. The shares rose 1.3 percent to 15.3 riyals.

Saudi Hotels & Resorts Areas Co. (SHARCO AB): The operator of hotels and housing compounds in the kingdom bought land in Riyadh for 10.2 million riyals on which it plans to build a residential complex. The shares were unchanged at 31 riyals.

Yamamah Saudi Cement Co. (YACCO AB): The maker of building materials said first-quarter profit jumped 31 percent to 165 million riyals. The shares climbed 2.9 percent to 53 riyals.

Zain (ZAIN KK): The Congo Republic said Bharti Airtel Ltd.’s $9 billion acquisition of most of Zain’s African assets contravenes Zain’s license conditions in that country, Reuters reported. The shares fell 1.5 percent to 1,360 fils.

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