Aldar, Salama, Qatar Industries, Qatar Telecom, Shuaa: Gulf Equity Preview
The following stocks may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.
The DFM General Index gained 1.2 percent, the most in a week, to 1,712.96, while Abu Dhabi’s ADX General Index dropped 0.4 percent. Oman’s MSM30 Index lost 1.3 percent and Qatar’s QE Index decreased 0.2 percent.
Aldar Properties PJSC (ALDAR UH): Abu Dhabi’s biggest property developer signed a 10-year lease agreement with Retail Arabia to develop a 16,000 square-meter Geant hypermarket at Yas Mall, due for completion in December 2012. The shares declined 0.8 percent to 3.74 dirhams.
Galfar Engineering & Contracting SAOG (GECS OM): The Omani construction company was downgraded to “neutral” from “overweight” at HSBC Holdings Plc. The shares dropped 2.7 percent to 0.439 rial.
Industries Qatar (IQCD QD): A unit of the second-biggest petrochemicals maker in the Middle East, Qatar Fertilizer Co., signed an accord with Helm AG of Germany to export 18,000 metric tons of melamine to Europe. The shares lost 0.6 percent to 106 riyals.
Islamic Arab Insurance Co. (SALAMA UH): The United Arab Emirates-based Islamic insurer was rated “buy” with a price estimate of 1.1 dirhams at Global Investment House KSCC. The shares dropped 0.4 percent to 85.5 fils.
Qatar Telecom QSC (QTEL QD): The country’s biggest phone- service provider said it closed a $2 billion credit facility after banks pledged to lend $3.86 billion. The shares rose 1.5 percent to 160.9 riyals.
Shuaa Capital PSC (SHUAA UH): The United Arab Emirates’ largest investment bank completed the sale of a 48.69 percent stake in Kuwait’s Alkout Industrial Projects Co., the company said in an e-mailed statement yesterday. The sale generated more than $50 million “of liquidity”. The shares jumped 5.2 percent to 1.42 dirhams.