Bloomberg News

Persian Gulf Stocks: Emaar, Etisalat, Abu Dhabi Islamic, Sorouh

February 14, 2012

Feb. 14 (Bloomberg) -- Dubai’s DFM General Index rallied for a fifth day, gaining 1.2 percent to 1,539.23 at the 2 p.m. close in the emirate. Kuwait’s gauge gained 1.1 percent.

The following shares were active in the Persian Gulf region. Stock symbols follow company names.

Abu Dhabi Islamic Bank PJSC (ADIB UH) surged 4.3 percent to 3.41 dirhams, the highest level in more than six months, after the United Arab Emirates’ second-biggest Shariah-compliant lender said its group fourth-quarter profit almost doubled to 216 million dirhams ($59 million).

Emaar Properties PJSC (EMAAR UH) advanced 1.4 percent to 2.98 dirhams, the highest since Aug. 4, amid investors’ bets the developer of the world’s tallest tower may pay a dividend. Emaar said after trading hours that fourth-quarter net income more than doubled to 716 million dirhams. Emaar’s earnings statement didn’t mention a dividend recommendation.

Emirates Telecommunications Corp. (ETISALAT UH) gained 1.4 percent, the largest increase since Jan. 29, to 9.37 dirhams. The Abu Dhabi-based company known as Etisalat may consider bidding for a mobile-phone license in Libya should the government invite offers, Chairman Mohammed Omran said yesterday.

Oman Telecommunications Co. (OTEL OM) rose 2.4 percent to 1.371 rials, the highest since Dec. 14. The Persian Gulf country’s biggest phone company said full-year profit rose 2 percent to 113 million rials ($294 million), beating analysts’ estimates.

Qassim Cement Co. (QACCO AB) rallied 3.6 percent to 78.75 riyals, the highest price since July 2008, after the Saudi producer of the building material increased the size of its cash dividend.

Sorouh Real Estate Co. (SOROUH UH) surged 7.5 percent to 1.01 dirhams, the highest price since Oct. 31. Abu Dhabi’s second-biggest property developer by market value may report fourth-quarter profit of 108 million dirhams, according to the average estimate of six analysts compiled by Bloomberg.

--Editors: Daliah Merzaban, Inal Ersan

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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