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Dubai Islamic, Barwa, Mazaya Qatar, Qtel: Gulf Equity Preview

May 1 (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 tumbled 1.9 percent, ADX General Index fell 0.3 percent and Saudi Arabia’s Tadawul All Share Index lost 0.2 percent. Qatar’s QE Index gained 0.7 percent.

Barwa Real Estate Co. (BRES QD): The Qatar-based property developer said first-quarter profit rose to 548 million riyals ($150 million) from 210 million riyals a year earlier. The shares were unchanged at 33.15 riyals.

Dubai Islamic bank PJSC (DIB UH): The United Arab Emirates’ biggest bank complying with Shariah rules posted an 11 percent gain to 222 million dirhams in first-quarter profit. The shares dropped 2.2 percent to 2.23 dirhams.

Mazaya Qatar Real Estate Development (MRDS QD): The real estate developer said first-quarter net income surged almost sixfold to 31.5 million riyals. The shares declined 0.5 percent to 9.50 riyals.

Qatar Telecom QSC (QTEL QD): The Persian Gulf nation’s largest company by revenue known as Qtel posted a 37 percent decline in first-quarter profit after it booked a one-time gain in the previous year. The shares fell 1.3 percent to 157.5 riyals.

Saudi Industrial Export Co. (SIECO AB): The company that exports and imports products including fertilizers and chemicals appointed Sulaiman Al Owaid as general manager. The shares tumbled 1.5 percent to 27 riyals.

Saudi Pharmaceutical Industries & Medical Appliances Corp. (SPIMACO AB): The company known as Spimaco will acquire a 50 percent stake in Morocco’s Ipharma when the Tangier-based company doubles its capital by issuing new shares valued at 17 million riyals ($4.5 million). The shares advanced 0.3 percent to 39 riyals.

To contact the reporters on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net; Zahraa Alkhalisi in Dubai at zalkhalisi@bloomberg.net

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

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