Al Rajhi Company, Bank Sohar, Emaar, Qatar Telecom: Gulf Equity Preview
The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.
The DFM General Index rose 1.4 percent to 1,754.96, paring last week’s decline to 3.4 percent. Abu Dhabi’s ADX General Index retreated 0.2 percent while Qatar’s measure rose 0.3 percent to the highest in a week. Oman’s MSM30 Index fell 0.8 percent, while Saudi Arabia’s Tadawul All Share Index climbed 1.9 percent.
Al Rajhi Company for Co-operative Insurance (ARCCI AB): The multi-line insurance company got regulatory approval to sell four products. The shares were unchanged at 53 riyals.
Bank Sohar (BKSB OM): The Oman-based lender was rated BBB+ and assigned a stable outlook at Fitch Ratings. The shares declined 0.4 percent to 0.239 rial.
Emaar Properties PJSC (EMAAR UH): The developer that opened the world’s tallest skyscraper this year in Dubai said first- quarter profit more than tripled to 760 million dirhams ($207 million), helped by its shopping mall and hotel units. The shares rose 2.9 percent to 3.94 dirhams.
Oman International Bank SAOG (OIBB OM): The Muscat-based lender said first-quarter profit declined 11 percent to 5.66 million rials ($14.7 million). The shares slid 1.3 percent to 0.296 rial.
Qatar Electricity & Water (QEWS QD): The state-controlled utility will raise its stake in Ras Laffan Energy to 80 percent from 25 percent by buying the stake held by AES Ras Laffan. Separately, the company plans to sign an accord with Syrian- Qatari Holding Co. to build two electricity stations in Syria. The shares advanced 0.2 percent to 106.6 riyals.
Qatar Telecom QSC (QTEL QD): The state-controlled company offering services in 17 countries said it got a $2 billion revolving credit facility to refinance existing debt. The shares rose 4.8 percent to 161.9 riyals.
Ras al Khaimah Cement Co (RAKCC UH): The United Arab Emirates-based maker of building supplies said first-quarter net income fell 90 percent to 3.03 million dirhams from 29.4 million dirhams the year earlier. The shares slid 1 percent to 96 fils.
To contact the reporter on this story: Zahra Hankir in Dubai at firstname.lastname@example.org