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Burgan, Etisalat, Zain, Batelco, Herfy: Gulf Equity Preview

Feb. 20 (Bloomberg) -- The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.

Saudi Arabia’s Tadawul All Share Index dropped 1.6 percent to 6,383.88. The ADX General Index dropped 1.2 percent and the 1Dubai Financial Market General Index lost 1.3 percent.

Basic Chemical Industries (BCI AB): A unit of the Saudi chemicals maker acquired 1 percent of Saudi Water Treatment Co. Ltd., bringing the total holding of Basic Chemical and its subsidiary to 100 percent of the water company. The shares retreated 1.9 percent to 26.6 riyals.

Burgan Bank (BURG KK): The Kuwaiti lender posted a 24 percent decline in 2010 profit to 4.7 million dinars ($16.8 million) compared with 6.2 million dinars in 2009. The shares were unchanged at 530 fils.

Emirates Telecommunications Corp. (ETISALAT UH): The Abu Dhabi-based company known as Etisalat said the government is studying royalty fees on its profit in coordination with an international adviser. The shares declined 1.8 percent to 11 dirhams.

Herfy Food Services (HERFY AB): The board of Saudi Arabia’s largest fast-food chain proposed to pay a dividend of 1.5 riyals a share, or 40.5 million riyals, for the second half of last year. The shares dropped 2.1 percent to 81.75 riyals.

Mobile Telecommunications Co. (ZAIN KK): The board of the Kuwaiti phone company known as Zain rejected an offer from Bahrain Telecommunications Co. for a 25 percent stake in Zain Saudi Arabia, according to a person familiar with the decision. Zain’s shares dropped 2.8 percent to 1,380 fils, Batelco declined 1.2 percent to 49 fils and Zain Saudi tumbled 6.8 percent to 7.55 riyals.

To contact the reporters on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net; Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editors responsible for this story: Claudia Maedler at cmaedler@bloomberg.net; Shaji Mathew at shajimathew@bloomberg.net

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