Arabtec, Kuwait Finance, Qatar General: 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.
The Dubai Financial Market General Index rose 2.7 percent. Saudi Arabia’s Tadawul All Share Index (SASEIDX) gained 2.1 percent.
Arabtec Holding Co. (ARTC) : The United Arab Emirates largest construction company posted a net income of 307 million dirhams ($84 million) last year, missing the mean estimate of 12 analysts for a profit of 357 million dirhams. Separately, the board delayed the sale of convertible bonds and raising capital through a rights offer. The shares rose 5.9 percent to 1.26 dirhams.
Kuwait Finance House (KFIN) : Kuwait’s largest Islamic lender said its Turkish unit plans to sell $500 million of Islamic bonds by the end of this year. The shares gained 1.8 percent to 1,120 fils.
Qatar General Insurance & Reinsurance (QGRI) Co: The insurer operating in Qatar and the United Arab Emirates plans to issue $500 million of five-year bonds in the next two months. The shares were unchanged at 68 riyals.
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