Batelco, Dana, Nawras and Qatar Navigation: 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.
Dubai’s DFM General Index (DFMGI) rose 1.6 percent to 1,680.96, the highest level this year. Abu Dhabi’s ADX General Index (ADSMI) gained 0.2 percent and Bahrain’s gauge increased 0.6 percent. Saudi Arabia’s market is closed for the weekend.
Bahrain Telecom Co. (BATELCO) : The island nation’s biggest phone company said first-quarter profit dropped 28 percent to 17.5 million dinars ($46.3 million) because of losses at the Indian business it’s investing in and growing competition in its home market. The shares were unchanged at 0.488 dinar.
Dana Gas PJSC (DANA) : The United Arab Emirates energy company said it has yet to take a decision on whether to list shares in London after a report that the energy company is considering plans to do so. The shares fell 1.4 percent to 69 fils when they last traded on April 19.
Qatar Islamic Bank (QIBK) SAQ: The Persian Gulf country’s biggest Shariah-compliant lender was cut to “neutral” from “buy” at EFG-Hermes Holding SAE with a price estimate of 90 riyals. The shares slipped 0.1 percent to 79.9 riyals.
Omani Qatari Telecommunications Co. (NWRS OM): The Omani mobile-phone company controlled by Qatar Telecom QSC said first- quarter profit fell to 12.1 million rials ($31.4 million) from 14 million rials in the year-earlier period as expenses rose on expansion. The shares increased 0.1 percent to 0.761 rial.
Qatar Industrial Manufacturing Co. (QIMD) : The investor in building materials said first-quarter profit rose to 51.3 million riyals ($14 million) from 46.9 million riyals in the year earlier period. The shares advanced 1 percent to 52.7 riyals.
Qatar Navigation (QNNS) Co: The freight transportation company reported a profit of 262 million riyals in the first quarter compared with 771 million riyals a year earlier, The Peninsula reported, citing the company. The company made a one- time adjustment related to its acquisition of Qatar Shipping Co., it said. The shares rose 0.5 percent to 84 riyals.
Commercial Facilities Co. (FACIL) : The Kuwaiti consumer finance company completed a $45 million term loan facility from Standard Chartered Plc, state-run news agency KUNA reported, citing a statement from the company. The shares rose 1.4 percent to 375 fils.
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