Aldar, Doha Bank, Southern Province Cement: 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) gained 1.1 percent to 1,590.48, the highest since Feb. 16. Abu Dhabi’s measure advanced 0.5 percent, while Saudi Arabia’s Tadawul All Share Index (SASEIDX) slipped 0.3 percent.
Aldar Properties PJSC (ALDAR) : The Abu Dhabi-based developer said its Al Zeina development will be ready for homebuyers in the second quarter. The shares jumped 3.3 percent to 1.55 dirhams.
Commercial Bank of Qatar (CBQK) : The nation’s second- biggest bank by assets was cut to "neutral" from "outperform" and assigned a price estimate of 83 riyals at Credit Suisse Group AG. The shares declined 2 percent to 74.5 riyals.
Doha Bank QSC (DHBK) : Qatar’s third-biggest bank by assets was cut to "neutral" from "outperform" and assigned a price estimate of 62 riyals at Credit Suisse. The shares lost 4.2 percent to 55.4 riyals.
Industries Qatar (IQCD QD): The second-biggest petrochemicals company in the Middle East said first-quarter profit almost doubled to 2.1 billion riyals ($577 million) compared with 1.2 billion riyals a year ago. The shares dropped 0.7 percent to 143.6 riyals.
Kuwait Projects Co. (KPROJ KK): The country’s biggest privately owned investment firm repaid $350 million of five-year bonds issued under the company’s $2 billion-euro medium-term note program. The shares were unchanged at 400 fils.
Mobile Telecommunications Co. (ZAIN KK): Shareholders of the company known as Zain elected a new board at the annual general meeting, bringing in two new members. The shares decreased 1.5 percent to 1,360 fils.
Qatar Insurance Co. (QATI) : The company that offers non- life insurance and reinsurance said first-quarter profit declined to 204.3 million riyals from 216.6 million riyals a year ago. The shares rose 0.6 percent to 82.1 riyals.
RAK Properties PJSC (RAKPROP) : The United Arab Emirates real-estate developer said it got a $50 million loan from the Investment & Development Office. The shares increased 2.6 percent to 40 fils.
Saudi Arabian Fertilizer Co. (SAFCO (SAFCO) AB): The unit of Saudi Basic Industries Corp. said first-quarter profit rose 19 percent on higher product prices, missing analysts’ estimates. The shares fell 0.8 percent to 179.5 riyals.
Saudi Chemical Co. (SCCO) : The distributor of pharmaceuticals said first-quarter profit rose to 86 million riyals ($23 million) compared with 75 million riyals in the year-ago period. The shares retreated 0.5 percent to 44.3 riyals.
Saudi Investment Bank (SIBC) : The Saudi lender said first-quarter profit surged to 208 million riyals compared with 21 million riyals in the year-ago period. The shares declined 0.5 percent to 20 riyals.
Southern Province Cement Co. (SOCCO) : The Saudi Arabian cement maker said first-quarter profit rose to 225.9 million riyals from 189.6 million riyals a year earlier as sales in the kingdom increased. The shares were unchanged at 61.5 riyals.
Yanbu Cement (YNCCO) : The Saudi Arabian cement producer said three of its production lines have stopped because of “fuel unavailability.” The shares were unchanged at 44.5 riyals.
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