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Aldar, Emaar, Emaar Economic City, Sabic: Gulf Equity Preview

Jan. 19 (Bloomberg) -- The following stocks may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.

The Dubai Financial Market General Index gained 0.8 percent to 1,622.31 and Qatar’s gauge advanced 0.4 percent. Saudi Arabia’s Tadawul All Share Index retreated 0.8 percent.

Aldar Properties PJSC (ALDAR UH): Standard & Poor’s Ratings Services revised the creditwatch implications on its B/B ratings for Abu Dhabi’s biggest developer to “developing” from “negative.” Moody’s Investors Service placed its ratings on review with “direction uncertain.”

Separately, Chief Commercial Officer Mohammed Al Mubarak said Aldar has no plans to delist its shares from the stock market. The company said today its 2008 bonds held by Mubadala Development Co. were converted at 11.73 dirhams. The shares rose 3.5 percent to 2.1 dirhams.

Arabian Cement Co. (ARCCO AB): The Saudi Arabian maker of building materials posted a fourth-quarter profit of 10 million riyals ($2.7 million) after a loss of 87.4 million riyals in the year-ago period. The shares were unchanged at 33.5 riyals.

Arriyadh Development Co. (ADCO AB): The Saudi property developer said fourth-quarter profit rose 9 percent to 25.9 million riyals. The shares decreased 2.2 percent to 15.8 riyals.

Emaar Properties PJSC (EMAAR UH): The United Arab Emirates’ biggest developer by market value hired banks to arrange meetings with fixed-income investors before a planned bond issue. Separately, the company had its $2 billion Islamic bond assigned a "B1" rating at Moody’s. The outlook is negative. The shares advanced 0.3 percent to 3.42 dirhams.

Emaar Economic City (EMAAR AB): The developer of King Abdullah Economic City in Saudi Arabia said fourth-quarter loss widened to 206.4 million riyals from 69.9 million riyals in the year-ago period. The shares fell 1.4 percent to 7.2 riyals.

Fawaz Abdulaziz Alhokair & Co. (ALHOKAIR AB): The clothing retailer said third-quarter net for the period ended December fell to 33.9 million riyals from 42.4 million riyals a year earlier. The shares rose 0.2 percent to 45.7 riyals.

Herfy Food Services Co. (HERFY AB): Saudi Arabia’s largest fast-food chain said fourth-quarter profit rose to 33.1 million riyals from 29.6 million riyals a year earlier. The shares decreased 1.5 percent to 81.25 riyals.

Saudi Basic Industries Corp. (SABIC AB): The world’s biggest petrochemicals maker said fourth-quarter profit rose 27 percent to 5.81 billion riyals from 4.58 billion riyals a year earlier, falling short of estimates. The shares retreated 1.3 percent to 110.75 riyals.

Saudi British Bank (SABB AB): The lender 40 percent owned by HSBC Holdings Plc and Abdul Latif Jameel Co. signed Islamic finance deals valued at 2 billion riyals. The shares fell 0.3 percent to 39.9 riyals.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

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

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