Bloomberg News

Persian Gulf Stocks: Arabtec, Etihad Etisalat, Sabic, Zain Saudi

April 17, 2012

Saudi Arabia’s Tadawul All Share Index (SASEIDX) advanced 3.2 percent, the most since March 2011, to 7,511.72 at the 3:30 p.m. close in Riyadh. The DFM General Index (DFMGI) was little changed, while Abu Dhabi’s ADX General Index (ADSMI) rose 0.2 percent.

The following shares were active in the Persian Gulf region. Stock symbols are in parentheses.

Arabtec Holding Co. (ARTC) , the United Arab Emirates’ biggest construction company, gained for the first time in three days, jumping 2.4 percent to 3.36 dirhams. Aabar Real Estate raised its stake in Arabtec to 5.18 percent from 5.13 percent, a filing on the Dubai stock exchange shows.

Arabian Cement (ARCCO) rallied to the highest since September 2008, advancing 9.6 percent to 59.75 riyals. The Saudi Arabian producer of the building material said first-quarter profit rose to 146 million riyals ($39 million) from 116 million riyals the year earlier.

Eastern Province Cement Co. (EACCO) advanced the most since March 5, rising 2.7 percent to 57.5 riyals. The Saudi Arabian producer of the building material posted a 25 percent increase in first-quarter profit to 104 million riyals.

Etihad Etisalat Co. (EEC) advanced to the highest in a week, rising 1.1 percent to 66.75 riyals. The Saudi Arabian telecommunications operator known as Mobily said it will cooperate with Etihad Atheeb Telecom Co. (EAT) to provide fixed-line services to a number of commercial and residential complexes. Etihad Atheeb shares surged 9.9 percent to 19.35 riyals.

Mobile Telecommunications Co. (ZAIN) of Saudi Arabia (ZAINKSA AB (ZAINKSA)) surged 9.5 percent, the most since March 24, to 9.2 riyals. The phone company known as Zain Saudi Arabia (SABIC) said its first-quarter loss narrowed to 420 million riyals from 532 million riyals a year earlier.

National Bank of Kuwait SAK (NBK KK) advanced to the highest since April 8, rising 1.9 percent to 1,080 fils. The country’s biggest bank said first-quarter profit rose 0.2 percent to 81 million dinars ($291 million).

Rabigh Refining & Petrochemicals Co. (PETROR) declined to the lowest in almost two months, decreasing 2.5 percent to 23.1 riyals. The venture between Saudi Arabian Oil Co. and Sumitomo Chemical Co. (4005) said first-quarter profit plunged 83 percent on lower prices for chemical products and smaller returns from processing crude oil into fuel.

Saudi Basic Industries Corp. (SABIC AB) rose the most in more than a year, gaining 4.3 percent to 102.25 riyals. First- quarter profit at the world’s biggest petrochemicals maker beat estimates.

Saudi International Petrochemical Co. (SIPCHEM) advanced the most in more than two weeks, gaining 1.9 percent to 22 riyals. The company known as Sipchem said first-quarter net rose to 151.6 million riyals from 120.9 million riyals the year earlier on higher output and sales.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

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


Monsanto vs. GMO Haters
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus