Alujain, Deyaar, Doha Bank, Jabal Omar: 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.
Alujain Corp. (ALCO AB): The Saudi investor in metals and petrochemicals said it withdrew its application to acquire shares of its Natpet unit because of technical issues. Alujain shares jumped 5.2 percent to 22.3 riyals.
Arabian Cement Co. (ARCCO AB): The Saudi Arabian maker of building materials said its plant in Jordan is facing delays and will cost an additional $74 million. The shares advanced 0.5 percent to 38.3 riyals.
Deyaar Development PJSC (DEYAAR UH): The property company part-owned by Dubai Islamic Bank PJSC (DIB UH) will hand over five projects valued at 1.2 billion dirhams ($327 million) in the first quarter and plans to complete all pending projects by the end of next year. The shares dropped 2 percent to 29.4 fils.
Doha Bank QSC (DHBK QD): The Persian Gulf country’s third- biggest bank by assets plans to sell $500 million of senior-debt in the first quarter. The shares gained 2 percent to 66.2 riyals.
Jabal Omar Development Co. (JOMAR AB): The real-estate developer in Saudi Arabia’s holy city of Mecca said its fourth- quarter loss widened to 11.3 million riyals ($3 million) from 1.5 million riyals in the year-earlier period, according to its preliminary results. The shares fell 0.3 percent to 17.45 riyals.
Saudi Vitrified Clay Pipe Co. (SVCP AB): The manufacturer of clay pipes and fittings said its board recommended a 3 riyals a share dividend in 2010. The shares decreased 1.3 percent to 59.25 riyals.
Southern Province Cement Co. (SOCCO AB): The Saudi cement maker forecast fourth-quarter profit will decline 11 percent to 161 million riyals because of higher costs. The shares were unchanged at 63 riyals.
To contact the editor responsible for this story Shaji Mathew at email@example.com