Persian Gulf Stocks: Al-Ahsa, Banque Saudi Fransi, Saudi Kayan
Dubai’s shares rose 0.7 percent, the most this month, to 1,310.40 at the 2 p.m. close in the emirate. Qatar’s QE Index (DSM) slipped 0.5 percent and Saudi Arabia’s Tadawul All Share Index (SASEIDX) declined 0.8 percent.
The following shares were active in the Persian Gulf region. Stock symbols are in parentheses.
Al-Ahsa Development Co. (AADC) advanced the most in more than two weeks, rising 5.1 percent to 14.55 riyals. The Saudi Arabian investment company appointed Waleed Al-Afaleq as chairman after Khalid Bin Omar Bin Al-Baltan quit.
Banque Saudi Fransi (BSFR) declined the most in a month, losing 1.2 percent to 41.5 riyals. The Saudi lender part-owned by Credit Agricole SA (ACA) posted a 7 percent decline in fourth- quarter profit to 661 million riyals ($176 million) as operating expenses increased.
Kuwait Projects Co. (KPROJ) rallied to the highest in more than a month, gaining 1.6 percent to 315 fils. The country’s biggest privately owned investment company is looking to expand in Turkey’s financial services industry, Chief Financial Officer Pinak Maitra said.
National Investments Co. (NINV) (NINV KK) rose the most in a week, advancing 2.5 percent to 164 fils. The Kuwaiti investment company got approval to extend a 10 percent share buyback by six months.
Saudi Kayan Petrochemical Co. (KAYAN) slumped the most in more than five months, losing 6.7 percent to 15.95 riyals. The unit of Saudi Basic Industries Corp. (SABIC) said its fourth-quarter loss widened. Saudi Basic shares dropped 2.1 percent to 92 riyals.
Sahara Petrochemical Co. (SPC) dropped to the lowest since March 6, tumbling 3.6 percent to 14.55 riyals. The Saudi Arabian manufacturer of chemicals said fourth-quarter profit fell 89 percent to 5 million riyals.
Saudi Ceramic (SCERCO) retreated the most since Aug. 6, slumping 2.7 percent to 145.5 riyals. The manufacturer and retailer of ceramic products said fourth-quarter profit fell to 52.5 million riyals.
Sorouh Real Estate Co. (SOROUH) , Abu Dhabi’s second- biggest property developer by market value, rose for the first time in nine days, gaining 3 percent to 69 fils. The stock was started with “buy” and a price estimate of 89 fils at Beltone Financial. Excluding today, the shares slumped 21 percent so far this year.
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