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Air Arabia, Aamal, Burgan Bank, Batelco: Gulf Equity Preview

July 22 (Bloomberg) -- The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.

Dubai’s DFM General Index gained 1.4 percent to 1,531.36. Qatar’s QE Index rose 0.3 percent and Saudi Arabia’s benchmark index increased 0.4 percent. The Kuwait Stock Exchange Index rose 1.1 percent while Bahrain’s gauge slipped 0.1 percent.

Air Arabia (AIRARABI UH): General Electric Co. said the Middle East’s biggest low-cost carrier selected the CFM56-5B engine to power 44 Airbus A320 aircraft. The engine selection order is valued at more than $620 million at list price. The shares rose 0.6 percent to 85.5 fils.

Aamal Co. (AHCS QD): The Qatar-based diversified investment company posted a decline in first-half profit to 109.6 million riyals ($30.1 million) from 167.8 million riyals a year earlier. The shares were unchanged at 16.5 riyals.

Bahrain Telecommunications Co. (BATELCO BI): The nation’s largest phone company said second-quarter profit fell to 22.3 million dinars ($59.2 million) from 27.9 million dinars a year earlier. The shares lost 2.6 percent to 0.57 dinar.

Burgan Bank SAK (BURG KK): The Kuwaiti bank received approval to buy back up to 10 percent of its shares for six months starting Aug. 5. The shares gained 1.5 percent to 345 fils.

Ithmaar Bank BSC (ITHMR BI): The Bahrain-based Islamic investment bank was raised to “overweight” from “neutral” with a 13-cent price estimate at Taib Bank EC. The shares lost 4.4 percent to 11 cents when they last traded on July 20.

Kuwait Finance House (KFIN KK): The emirate’s biggest Islamic bank said second-quarter profit climbed to 40 million dinars ($138.6 million) from 33 million dinars a year earlier. The shares increased 2 percent 1,020 fils.

Qatar Gas Transport Co. (QGTS QD): The liquefied natural gas shipper known as Nakilat reported second-quarter net income that fell to 166.5 million riyals from 179.27 million riyals the same period a year earlier. The shares retreated 0.5 percent to 18.4 riyals.

To contact the reporter on this story: Zahraa Alkhalisi in Abu Dhabi at zalkhalisi@bloomberg.net

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

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