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Drake & Scull, Sorouh Real Estate and Taqa: Gulf Equity Preview

Thursday, Jul 01, 2010
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July 1 (Bloomberg) -- The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.


The DFM General Index lost 1.4 percent to 1,461.8, bringing its drop for the quarter to 21 percent. Abu Dhabi and Kuwait’s measures retreated 0.7 percent each. Saudi Arabia’s market is closed for the weekend.


Abu Dhabi National Energy Co. : The company known as Taqa agreed to buy a 40 percent stake in Sohar Aluminium Co. of Oman from Abu Dhabi Water and Electricity Authority for $400 million. The shares fell 0.9 percent to 1.09 dirhams.


Drake & Scull International PJSC : The Dubai-based mechanical, electrical and plumbing company had its share-price estimate cut to 1.12 dirhams from 1.42 dirhams at Shuaa Capital PSC. The shares dropped 3 percent to 77 fils.


Sorouh Real Estate PJSC : Abu Dhabi’s second- biggest property developer by market value signed a 2.35 billion-dirham ($640 million) credit facility with Abu Dhabi Commercial Bank, First Gulf Bank, National Bank of Abu Dhabi and Noor Islamic Bank. The shares fell 4.9 percent to 1.75 dirhams.

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