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Arabtec, Bank Muscat, Damas, Deyaar: Gulf Equity Preview

April 15 (Bloomberg) -- The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.

The Dubai Financial Market General Index gained 0.1 percent to 1,824.27. Abu Dhabi’s measure fell 0.2 percent, the most in a week, Kuwait’s index declined 1.2 percent and Qatar’s measure lost 1.1 percent.

Arabtec Holding Co (ARTC UH): The United Arab Emirates’ biggest construction company was downgraded to “underweight” from “neutral” and assigned a price estimate of 2.60 dirhams at HSBC Holdings Plc. The shares jumped 2.3 percent to 2.71 dirhams.

Bank Muscat SAOG (BKMB OM): Oman’s biggest bank by assets said first-quarter profit declined 49 percent to 24.5 million Omani rials ($63.7 million), missing analysts’ estimates. The shares lost 0.2 percent to 0.866 rial.

Damas International Ltd. (DAMAS DU): The Dubai-based jewelry retailer said it received nominations for prospective directors, and will hold a shareholder meeting on April 19 to discuss the candidates, according to a statement to Nasdaq Dubai. The shares increased 2.7 percent to 19 cents.

Deyaar Development PJSC (DEYAAR UH): Chief Financial Officer Krishnamurthy Sundaresan and Vice President for Strategic Planning Dimitre Michev at the Dubai-based developer submitted their resignations, The National reported, citing a company spokesman it didn’t identify. The shares gained 0.2 percent to 46.1 fils.

Qatar Islamic Bank SAQ (QIBK QD): The Gulf state’s biggest lender complying with Muslim banking rules said first-quarter profit dropped 14 percent to 300 million riyals. The shares lost 1.1 percent to 80.3 riyals.

Qatar Islamic Insurance (QISI QD): The emirate’s second-largest insurer by market value said first-quarter profit rose to 14.3 million riyals from 8.9 million riyals a year earlier. The shares increased 1.2 percent to 33.5 riyals.

Qatar Navigation Company QSC (QNNS QD): The marine-freight transport company said it now fully owns Qatar Shipping Company QSC, according to a statement to the local bourse. The shares rose 1.2 percent to 73.2 riyals, when they last traded April 7.

To contact the reporters on this story: Dana El Baltaji in Dubai at Zahra Hankir in Dubai at

To contact the editor responsible for this story: Claudia Maedler at

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