Abu Dhabi Islamic, Galfar, Nawras, Zain: Gulf Equity Preview

01/11/2010 00:00 AST

The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.

The DFM General Index dropped 0.7 percent to 1,764.54. Qatar’s QE Index and Kuwait’s SE Price Index both slipped 0.1 percent.

Abu Dhabi Islamic Bank PJSC (ADIB UH): The United Arab Emirates’ second-biggest bank complying with shariah banking rules said investors offered $3.6 billion for its $750 million Islamic bond. The shares rose 1.3 percent to 3.10 dirhams.

Al-Babtain Power & Telecommunication Co. (ALBABTAI AB): The Saudi Arabia-based supplier of transmission towers set up a 500,000 riyal ($133,326) maintenance unit. The shares climbed 1 percent to 29.8 riyals.

Galfar Engineering & Contracting SAOG (GECP OM): The Omani construction company said a joint venture with Cadagua won a contract valued at 37 million rials ($96 million) from the Oman Wastewater Services Co. for constructing a sewage treatment plant. The shares were unchanged at 0.45 rial.

Mashreq Bank (MASQ UH): The Dubai-based lender posted nine- month profit of 647 million dirhams ($176 million) and lowered provisions during the same period by 12.3 percent to 1.21 billion dirhams. The shares advanced 3.8 percent to 89.95 dirhams when they last traded on June 16.

Mobile Telecommunications Co. (ZAIN KK): The Kuwaiti phone operator known as Zain was raised to short-term “market perform” at Al Mal Capital PSC and the price estimate revised to 1,320 fils. The shares retreated 2.9 percent to 1,360 fils.

National Bank of Abu Dhabi PJSC (NBAD UH): The U.A.E.’s second-biggest bank was cut to “add” from “buy” and assigned a share-price estimate of 14.93 dirhams at Securities & Investment. The shares increased 0.8 percent to 12.05 dirhams.

Omani Qatari Telecommunications Co SAOC (NWRS OM): The Omani mobile-phone company known as Nawras and controlled by Qatar Telecom QSC will start trading today.

Sorouh Real Estate PJSC (SOROUH UH): The second-biggest developer in Abu Dhabi by market value said third-quarter profit fell 68 percent to 59.3 million dirhams. The shares gained 0.6 percent to 1.79 dirhams.

Saudi Telecom Co. (STC AB): Saudi Arabia’s largest phone company is interested in expansions in Iraq and the rest of the Middle East, Chief Executive Officer Saud al Daweesh said in remarks broadcast today by Al Arabiya television. The shares rose 0.5 percent to 40 riyals.

Bloomberg