Air Arabia, Batelco, Burgan, Qatar Telecom: Gulf Equity Preview

08/06/2010 00:00 AST

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

The Kuwait Stock Exchange Index slipped 0.7 percent to 6,664.7, the lowest since December, while the Saudi Tadawul All Share Index climbed 1.1 percent. The Bloomberg GCC 200 Index, which tracks 200 equities in the region, increased 1 percent.

Al-Mazaya Holding Co. (MAZAYA KK): The Kuwait-based property developer appointed Naif Al Awadi as chief executive officer of its Dubai operations, according to a company statement. The shares decreased 4.5 percent to 85 fils.

Air Arabia PJSC (AIRARABI UH): The United Arab Emirates’ biggest low-cost carrier signed a joint-venture agreement with Jordanian Tantash Group to start Air Arabia Jordan. The shares advanced 1.2 percent to 86 fils.

Bahrain Telecommunications Co. (BATELCO BI): The nation’s largest phone company known as Batelco plans to expand in North Africa and Asia as the company seeks to increase its customers by about 50 percent in 2010. The shares lost 0.9 percent to 0.57 dinar.

Burgan Bank SAK (BURG KK): The Kuwaiti lender’s shareholders approved selling as much as 140 million dinars ($478 million) in bonds. The shares were unchanged at 300 fils.

Dubai Investments PJSC (DIC UH): The company which holds stakes in more than 40 companies is considering listing a 30 percent stake in unit M’Sharie LLC on Nasdaq Dubai and trading the shares on the Dubai Financial Market PJSC to circumvent a regulatory rule. The shares fell 1.7 percent to 76 fils.

Kuwait Finance and Investment Co. (KFIC KK): The investment banking and asset management firm reached an accord with all its lenders to restructure 145 million dinars of debt over a five- year period. The shares tumbled 6.7 percent to 70 fils.

Qatar Telecom QSC (QTEL QD): The country’s biggest phone- service provider appointed Sohail Qadri as group chief executive officer. The shares dropped 1.1 percent to 151.2 riyals.

Bloomberg