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Arab Banking, Astra, Etisalat: Persian Gulf Equity Preview

July 18 (Bloomberg) -- The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.

Saudi Arabia’s Tadawul All Share Index dropped 1 percent to 6,459.23 yesterday in Riyadh. Bahrain’s and Dubai’s gauges retreated 0.2 percent.

Arab Banking Corp. (ABC BI): The Manama-based bank said first-half profit rose 55 percent to $116 million. The shares were unchanged at 46 cents.

Arabian Cement Co. (ARCCO AB): The Saudi Arabian producer of the building material posted a 38 percent increase in second-quarter profit on higher output and sales. The shares fell 0.9 percent to 46.5 riyals.

Astra Industrial Group (ASTRA AB): The Saudi Arabian company operating in pharmaceuticals, specialty chemicals and steel industries said second-quarter profit rose to 67.3 million riyals ($18 million) from 61.5 million riyals a year earlier. The shares fell 0.9 percent to 33.6 riyals.

Bank Al-Jazira (BJAZ AB): The Saudi Arabian lender posted a three-fold increase in second-quarter profit to 65 million riyals from 22 million riyals a year earlier. The shares fell 0.3 percent to 18.95 riyals.

Emirates Telecommunications Corp. (ETISALAT UH): The biggest of two telephone companies in the United Arab Emirates said second-quarter profit dropped to 1.59 billion dirhams from 1.87 billion dirhams a year earlier. The company’s board has recommended an interim dividend of 25 fils a share for the first half. The shares rose 0.9 percent to 11.05 dirhams.

Jazan Development Co. (GIZACO AB): The company that develops farms around Jizan in Saudi Arabia said its second-quarter loss narrowed to 4.94 million riyals from 33.1 million riyals a year earlier. The shares were unchanged at 20 riyals.

Red Sea Housing Services Co. (REDSEA AB): The Saudi Arabian developer said second-quarter profit increased to 21.39 million riyals from 14.52 million riyals in the year-earlier period. The shares were unchanged at 50.5 riyals.

Saudi Arabian Mining Co. (MAADEN AB): The state-controlled producer known as Ma’aden said second-quarter profit doubled to 62.5 million riyals because of higher gold prices and lower Islamic tax. The shares fell 1.1 percent to 26.3 riyals.

Zain Saudi Arabia (ZAINKSA AB): The unit of Kuwait’s Mobile Telecommunications Co. said its second-quarter loss narrowed to 448 million riyals from 632 million riyals a year earlier. The shares fell 0.8 percent to 6.5 riyals.

To contact the reporters on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

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

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