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Emaar, Etisalat, Du, Jabal Omar, Waha: Gulf Equity Preview

April 25 (Bloomberg) -- The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.

Dubai’s DFM General Index fell 1 percent, the most since March 15. Abu Dhabi’s ADX General Index rose 0.1 percent and Saudi Arabia’s Tadawul All Share Index advanced 0.4 percent.

Emaar Properties PJSC (EMAAR UH): The builder of the world’s tallest tower in Dubai said first-quarter profit dropped 45 percent to 421 million dirhams ($115 million), missing analyst estimates, as it delivered fewer units in Burj Khalifa. The shares retreated 1.4 percent to 3.44 dirhams.

Emirates Integrated Telecommunications Co. (DU UH): The phone company known as Du said first-quarter profit more than doubled to 206 million dirhams from 97 million in the year-earlier period. The shares rose 1.2 percent to 3.28 dirhams.

Emirates Telecommunications Corp. (ETISALAT UH): The United Arab Emirates’ biggest phone company known as Etisalat said Chief Financial Officer Salem Al Sharhan resigned for personal reasons. The shares were unchanged at 10.35 dirhams.

Industries Qatar QSC (IQCD QD): The Middle East’s second-biggest petrochemicals company said it is “on track” to reach a profit of 4.9 billion riyals ($1.35 billion) this year. Net income is forecast to drop to 4.6 billion riyals in 2012 before rising to 5 billion riyals in 2013.

Separately, the company plans “major shutdowns” at facilities in 2012 and 2013, including a 42-day outage at an ethylene plant in the fourth quarter of next year. The shares fell 0.7 percent to 146.5 riyals.

Jabal Omar Development Co. (JOMAR AB): The real-estate developer in Saudi Arabia’s holy city of Mecca got approval for a rights offer. The shares climbed 0.3 percent to 15.55 riyals.

Qatar National Cement Co. (QNCD QD): The company that produces and sells cement and lime had its price estimate raised to 117.9 riyals from 114 riyals at Global Investment House KSCC. The shares were unchanged at 112.5 riyals.

Ras Al Khaimah Cement Co. (RAKCC UH): The producer of cement in the U.A.E. said first-quarter profit dropped to 274,643 dirhams from 3 million dirhams a year earlier. The shares increased 0.9 percent to 1.12 dirhams.

Shuaa Capital PSC (SHUAA UH): The U.A.E.’s biggest investment bank said head of research, Amer Halawi, resigned last week for personal reasons. Walid Shihabi, who heads the brokerage unit, will oversee the research division. The shares were unchanged at 1.2 dirhams.

Waha Capital PJSC (WAHA UH): The leasing company based in Abu Dhabi said first-quarter profit fell to 29.8 million dirhams from 33.4 million in the year-earlier period. The shares dropped 2.5 percent to 77 fils.

To contact the reporter on this story: Zahra Hankir in Dubai at

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

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