Arabtec, Du, Etisalat, Kuwait Insurance: Gulf Equity Preview

10/05/2010 00:00 AST

The DFM General Index fell to the lowest in almost two months, retreating 1.2 percent to 1,712.9. Abu Dhabi’s gauge declined 1.4 percent and Qatar’s measure slumped 4 percent. Saudi Arabia’s Tadawul All Share Index rose 2.4 percent, the most since Sept. 26.

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

Arabtec Holding PJSC (ARTC UH): The United Arab Emirates’ biggest construction company said first-quarter profit dropped 17 percent to 134.5 million dirhams ($36.6 million) from the year-earlier period. The shares declined 1.6 percent to 2.46 dirhams.

Emirates Integrated Telecommunications Co. (DU UH): The Dubai-based phone company known as Du will discuss the size and the price of its rights offering today.

Chief Executive Officer Osman Sultan said on Dubai State TV that he expects revenue growth this year from new mobile-phone products. Separately, the U.A.E. has no plan to offer a third mobile-phone license, Mohammed Al Ghanim, director general of the country’s telecom regulator, told Dubai TV. Du dropped 2.3 percent to 2.54 dirhams.

Emirates Telecommunications Co. (ETISALAT UH): The U.A.E.’s biggest phone company cut its international phone rates to 50 fils a minute applicable to all landline users in the country from May 10 to Aug. 9. The shares retreated 0.9 percent to 10.65 dirhams.

Gulf Finance House EC (GFH KK): The Bahrain-based investment bank reported a net loss of $7.5 million in the first quarter, compared with a loss of $607 million in the previous three months. The shares fell 5.5 percent to 52 Kuwaiti fils.

Qatar National Cement Co. (QNCD QD): The producer of materials for the construction industry was rated “hold” in new coverage with a share-price estimate of 89.6 riyals at Global Investment House. The shares lost 4.9 percent to 78.2 riyals.

Kuwait Insurance Co. (KINS KK): The provider of life, fire, accident, marine and aviation insurance posted a first-quarter profit of 2.5 million dinars ($8.7 million) after a loss of 6 million dinars in the year-earlier period. The shares were unchanged at 320 fils.

Bloomberg