Gulf Stocks: Aldar Properties, Doha Bank, Industries Qatar, Zain
The QE Index (DSM) increased 0.5 percent to 8,815.44 at the 1:10 p.m. close in Doha. Dubai’s DFM General Index (DFMGI) climbed 0.6 percent and Abu Dhabi’s ADX General Index (ADSMI) increased 1 percent. Saudi Arabia’s Tadawul All Share Index (SASEIDX) gained 0.2 percent.
The following stocks rose or fell in the Persian Gulf region. Symbols are in parentheses.
Aldar Properties PJSC (ALDAR) advanced to the highest since Feb. 23, rising 3.2 percent to 1.6 dirhams. The Abu Dhabi- based developer said its Al Zeina development will be ready for buyers in the second quarter.
Commercial Bank of Qatar (CBQK) and Doha Bank QSC (DHBK) retreated to the lowest levels this month, with Commercial Bank falling 2.7 percent to 72.5 riyals and Doha Bank decreasing 4 percent to 53.2 riyals. Credit Suisse Group AG cut the lenders to “neutral” from “outperform.”
Industries Qatar (IQCD QD) climbed to the highest in two months, rising 2.9 percent to 147.7 riyals. The second-biggest petrochemicals company in the Middle East said first-quarter profit almost doubled to 2.1 billion riyals ($577 million).
Kuwait Projects Co. (KPROJ KK) increased to the highest in more than a month, advancing 2.5 percent to 410 fils. The country’s biggest privately owned investment firm paid $350 million of five-year bonds issued under the company’s $2 billion-euro medium-term note program.
Mobile Telecommunications Co. (ZAIN KK) climbed the most in almost a month, rising 1.7 percent to 1,180 fils on a dividend- adjusted basis. Shareholders of the company known as Zain elected a new board at the annual general meeting, bringing in two new members.
Qatar Insurance Co. (QATI) decreased the most since March 22, falling 1.5 percent to 80.9 riyals. The company that offers non-life insurance and reinsurance said first-quarter profit declined to 204.3 million riyals from 216.6 million riyals a year ago.
Saudi Arabian Fertilizer Co. (SAFCO (SAFCO) AB) decreased to the lowest since March 7, falling 3.5 percent to 173.25 riyals. The unit of Saudi Basic Industries Corp. reported first-quarter profit that missed estimates. Net income was 833 million riyals ($222 million), while the mean estimate of six analysts was for a profit of 989 million riyals, according to data compiled by Bloomberg.
To contact the reporter on this story: Zahra Hankir in Dubai at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Maedler at email@example.com