Qatar Shares Rise, Led by Industries Qatar: Persian Gulf Stocks
By Zainab Fattah
Jan. 7 (Bloomberg) — Qatari shares rose for a fourth day
on speculation companies will report at least 40 percent profit
growth in the fourth-quarter. Industries Qatar, the countrys
largest company, and Qatar Telecom QSC led the gains.
“Investors are expecting earnings and dividend to be
excellent, said Samer Al-Jaouni, head of international sales
at Ahli Bank QSC in Qatar. “Qatari companies on average may
report between 40 and 55 percent increase this year. That
compares with an average of 26 percent in 2006.
Qatars Doha Securities Market Index rose 3 percent to
10,068.14, its highest close since Feb. 2006. Industries Qatar
jumped 5.8 percent to 166.7 riyals. Qatar Telecom climbed 5
percent to 272.1 riyals, its highest close since July 21, 2005.
Gulf states, which together pump a fifth of the worlds
oil, are earning more than $1.3 billion a day with oil above
$90 a barrel. Omans benchmark jumped 60 percent in 2007, while
Abu Dhabis rose 52 percent and Saudi Arabias 41 percent, as
fund managers at companies including BlackRock Inc. and
Deutsche Asset Management invested for the first time.
Nomura Holdings Inc. joins investment banks including
Goldman Sachs Group Inc., Morgan Stanley and Merrill Lynch %26amp;
Co. that recommended Arab stocks last quarter. Economies in the
Middle East will expand 9.2 percent this year, according to
Morgan Stanley, almost double the 4.8 percent global growth
projection by the Washington-based International Monetary Fund.
U.A.E.
In the United Arab Emirates today, the Dubai Financial
Market General Index lost 0.4 percent to 6,143.60, while Abu
Dhabi Securities Market Index added 0.8 percent to 4,782.08.
Trading in Abu Dhabi was extended by half an hour after a
technical fault delayed the start of trading by nearly an hour.
Emaar Properties PJSC, the largest publicly traded real-
estate developer in the Middle East, fell 1 percent to 15.55
dirhams. Emirates NBD PJSC, the U.A.E.s biggest bank by
assets, lost percent 0.7 percent to 14.9 dirhams.
“Dubai investors are worried the losses in the
international markets will push foreign funds to take money
else where, Mohamed Salem, a trader at Al-Futtaim HC
Securities, said in a telephone interview from Dubai.
U.S. stocks dropped Jan. 4, sending the Standard %26amp; Poors
500 Index to its worst start of the year since 2000, after
manufacturing and jobs reports added to concern the worlds
largest economy will slip into a recession. Asian equities slid
today for a third day.
Saudi Arabias Tadawul All Share Index lost 0.7 percent at
11,643.18 at 12:47 p.m. in Riyadh. Omans Muscat Securities
Market 30 Index dropped 2.3 percent, ending six days of gains.
The Kuwait Stock Exchange Index added 0.5 percent, while the
Bahrain All Share Index increased 0.4 percent.
The following stocks also rose or fell in Persian Gulf
markets. Stock symbols are in parentheses.
Dana Gas PJSC (DANA UH) surged 8 percent to 2.7 dirhams.
The United Arab Emirates-based natural-gas producer said its
production of oil and gas in Egypt reached an equivalent of
32,000 barrels a day in 2007.
Jarir Marketing Co. (JARIR AB) gained 1.9 percent to 160.5
riyals. The Saudi Arabian stationery and book seller said
fourth-quarter net income advanced 27 percent to 54 million
riyals ($14.4 million), as sales increased.
Kuwait %26amp; Gulf Link Transport Co. (KGL KK) jumped 6.3
percent to 510 fils. The freight-transport and storage company
won a 1.3 million-dinar cleaning contract from the government,
according to a statement posted on the Web site of the Kuwaiti
bourse.
Saudi Industrial Services Co. (SISCO AB) increased 1.5
percent to 33.5 riyals. One of its units plan to build 32
warehouses at Jeddah Islamic Port at a cost of 50 million
riyals ($13.4 million), the company, known as Sisco, said in a
statement posted on the Web site of the Saudi bourse.
United Development Co. (UDCD QD) rose 3.6 percent to 43.4
riyals. The Qatari property developer building the “Pearl-
Qatar island in Doha asked banks to bid to arrange a 1.04
billion-riyal ($286 million) syndicated loan. Once it receives
the bids the board will decide on the feasibility of the loan.
United Finance Co. (UFCI OM) rose 2.2 percent to 0.229
Omani rials. The provider of loans to small businesses said
2007 full-year net income almost tripled to 4.1 million rials
($10.7 million).
To contact the reporter on this story:
Zainab Fattah in Dubai on
