Gulf Stocks: Arabtec, Aref Energy, Deyaar and Gulf Navigation
The following stocks rose or fell in the Persian Gulf region. Symbols are in parentheses.
Ajman Bank PJSC (AJMANBAN) surged to the highest level since November, advancing 5 percent to 90 fils. The United Arab Emirates-based Islamic bank said its first-quarter loss narrowed to 8.4 million dirhams ($2.3 million) from 13.9 million dirhams a year earlier.
Arabtec Holding Co. (ARTC) declined to the lowest in more than a month, retreating 2.1 percent to 1.37 dirhams. The U.A.E.’s biggest construction company by market value was lowered to “hold” from “strong buy” and had its price estimate cut 8.9 percent at Global Investment House.
Separately, the company had its price estimate cut 12 percent to 1.74 dirhams at Nomura Holdings Inc. The recommendation was maintained at “neutral.”
Aref Energy Holding KSCC (AREFENRG KK) slumped the most since March, dropping 6.5 percent to 116 fils. The unit of Kuwaiti investment holding company Aref Investment Group posted a first-quarter loss of 633,025 dinars ($2.3 million) after a profit of 13.3 million dinars a year earlier.
Deyaar Development (DEYAAR) PJSC advanced to the highest level in more than two weeks, jumping 2.6 percent to 31.3 fils. The property company part-owned by Dubai Islamic Bank PJSC said first-quarter profit was 26 million dirhams after a loss of 100 million dirhams a year earlier.
Gulf Navigation Holding (GULFNAV) PJSC dropped the most since April 25, falling 2.7 percent to 39.7 fils. Dubai’s only publicly traded oil-tanker owner said first-quarter net income retreated to 221,000 dirhams from 3.07 million dirhams in the year-earlier period as sales declined.
Oula Fuel Marketing Co. (OULAFUEL) advanced for the first time in a week, rising 1.6 percent to 310 fils. The operator of retail gasoline stations reported a 3.1 percent increase in first-quarter profit to 955,900 dinars.
Tamweel PJSC (TAMWEEL) surged 6 percent to 85 fils. The home finance company majority owned by Dubai Islamic Bank PJSC soared on speculation the 19 percent drop in the previous two trading days, the first after a two-year suspension, was overdone.