Arabtec Holding, Drake & Scull, Saudi Steel: 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.
Arabtec Holding Co. (ARTC UH): The biggest construction company in the United Arab Emirates hasn’t yet received information from OAO Gazprom on plans to cancel the construction of Europe’s tallest skyscraper in St. Petersburg. The shares dropped 1.5 percent to 1.97 dirhams.
Drake & Scull International PJSC (DSI UH): The Dubai-based engineering contractor for the real-estate industry won a contract valued at 340 million dirhams ($93 million) in Abu Dhabi. The shares fell 0.7 percent to 98.5 fils.
Middle East Specialized Cables Co. (MESC AB): The Saudi Arabian cable maker said it appointed Abdulaziz Al-Duailej as chief executive officer replacing Hashem Huneidi, who is retiring. The shares gained 0.6 percent to 18.15 riyals.
National Shipping Co. of Saudi Arabia (NSCSA AB): The operator of crude oil and chemical tankers said its unit National Chemical Carriers agreed to buy two tankers from SLS Shipbuilding Co. for 322.5 million riyals ($86 million). The shares advanced 0.3 percent to 17.05 riyals.
Saudi Steel Pipe Co. (SSP AB): A venture between the manufacturer of welded pipes and South Korea’s TSM Tech Co. will invest 80 million riyals in the first phase of a new plant. The shares jumped 1.8 percent to 22.55 riyals.
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