Air Arabia, Arabtec, Saudi Telecom: Gulf Equity Preview

29/06/2010 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.

Dubai’s DFM General Index dropped 1.2 percent to the lowest level since June 17. Saudi Arabia’s Tadawul All Share Index and Qatar’s QE Index declined 0.3 percent. The Kuwait SE Price Index retreated 0.2 percent, while Abu Dhabi’s ADX General Index and Bahrain’s gauge increased 0.1 percent.

Air Arabia (AIRARABI UH): The United Arab Emirates’ biggest low-cost carrier will start flights from Alexandria to Beirut on July 1 and will service the Lebanese capital four times a week. The shares dropped 0.5 percent to 84.8 fils.

Arabtec Holding PJSC (ARTC UH): Chief Executive Officer Riad Kamal said the company expects to receive a payment from state-owned developer Nakheel PJSC this week or next. Arabtec doesn’t need to raise large amount of new capital and is looking at projects in Turkmenistan, Azerbaijan and Angola, he said. The shares declined 2.2 percent to 1.82 dirhams.

Boubyan Petrochemicals Co. (BPCC KK): The Kuwaiti chemical producer said full-year profit rose 5.4 percent to 21.4 million dinars ($73.8 million), without giving a reason. The shares slid 1 percent to 495 fils when they last traded on June 27.

Saudi Telecom Co. (STC AB): The Arab world’s largest phone company may buy a 10 percent to 15 percent stake in the venture created after Reliance Infratel Ltd., a unit of India’s Reliance Communications Ltd., and GTL Infrastructure Ltd. merged this week, Business Standard reported, citing people it didn’t identify. The shares were unchanged 38.4 riyals.

Bloomberg