Persian Gulf Stocks: Dar Al Arkan, Deyaar, Emaar Economic, Samba
The DFM General Index (DFMGI) rose 0.7 percent, snapping a five-day drop, at the 2 p.m. close in Dubai. Abu Dhabi’s ADX General Index (ADSMI) fell 0.2 percent and Saudi Arabia (SABIC)’s Tadawul All Share Index (SASEIDX) decreased 0.5 percent.
The following shares were active in the Persian Gulf region. Stock symbols are in parentheses.
Dar Al Arkan Real Estate Development Co. (ALARKAN) jumped 3 percent to 12.10 riyals, the highest since April 11. The Saudi Arabian property company said first-quarter profit increased 7 percent because of “improved gross margins” on real estate sales.
Deyaar Development PJSC (DEYAAR) fell to the lowest since March 8, dropping 1.8 percent to 38.1 fils. The company controlled by Dubai Islamic Bank (DIB) posted a 64 percent drop in first-quarter profit to 9.4 million dirhams ($2.6 million) amid “extremely challenging market conditions.”
Emaar Economic City (EMAAR) surged to the highest in almost a month, jumping 3.9 percent to 13.35 riyals. The unit of Dubai’s Emaar Properties PJSC (EMAAR) returned to profit in the first quarter on more property sales.
Kingdom Holding Co. (KINGDOM) gained 1.2 percent to 12.3 riyals, the highest since April 10. The diversified investment company controlled by Saudi billionaire Prince Alwaleed bin Talal said first-quarter profit increased 11 percent to 100.8 million riyals ($27 million).
Qatar Gas Transport Co. (QGTS) decreased 1.5 percent to 16.64 riyals, the lowest since Feb. 16. The company known as Nakilat, which transports liquefied natural gas, said first- quarter profit dropped 6 percent to 176.5 million riyals ($48 million), missing an analyst’s estimate.
Qatar & Oman Investment Co. (QOIS) declined the most since March 29, dropping 2.2 percent to 9.87 riyals. The real estate, tourism and financial services investor said first- quarter profit fell to 9.2 million riyals from 9.8 million riyals the year earlier.
Samba Financial Group (SAMBA) retreated the most since Aug. 20, falling 2.8 percent to 52.25 riyals. The second-largest Saudi Arabian lender by market value said it posted a 2 percent increase in first-quarter profit on higher operating income, missing estimates.
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