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Arabtec, Dana Gas, Deyaar, Drake & Scull: Gulf Equity Preview

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May 12 (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 rose 0.1 percent and Qatar’s QE Index jumped 1.2 percent. Saudi Arabia’s market is closed for the weekend.

Ajman Bank PJSC (AJMANBAN UH): The United Arab Emirates-based Islamic bank said its first-quarter loss narrowed to 8.4 million dirhams ($2.3 million) from 13.9 million dirhams a year earlier. The shares jumped 4.1 percent to 85.7 fils when they last traded May 10.

Arabtec Holding Co. (ARTC UH): The U.A.E.’s biggest construction company by market value was lowered to “hold” from “strong buy” and had its price estimate cut 8.9 percent at Global Investment House on a reduced order backlog. The shares declined 1.4 percent to 1.4 dirhams.

Aref Energy Holding KSCC (AREFENRG KK): The unit of Kuwaiti investment holding company Aref Investment Group posted a first-quarter loss of 633,025 dinars after a profit of 13.3 million dinars a year earlier. The shares were unchanged at 124 fils.

Dana Gas PJSC (DANA UH): The U.A.E. energy company said first-quarter profit rose to 92 million dirhams from 33 million dirhams a year earlier. The shares climbed 1.5 percent to 68 fils.

Deyaar Development PJSC (DEYAAR UH): The property company part-owned by Dubai Islamic Bank PJSC said first-quarter profit was 26 million dirhams after a loss of 100 million dirhams a year earlier. The shares advanced 3.4 percent to 30.5 fils.

Drake & Scull International PJSC (DSI UH): The Dubai-based construction and engineering company said first-quarter profit rose 21 percent to 51 million dirhams, beating analysts’ estimates, as the company expanded outside its home market. The shares rose 2.9 percent to 1.07 dirhams.

Union Properties PJSC (UPP UH): The Dubai real-estate developer in which Emirates NBD PJSC holds a 48 percent stake said it has repayments of 2 billion dirhams due in the next 12 months. Union Properties retreated 1.7 percent to 41.7 fils. Emirates NBD gained 1.5 percent to 3.98 dirhams.

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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