Qatar National Bank, Jabal Omar, NBK, Tabuk, Yanbu: Gulf Equity Preview
The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.
The Dubai Financial Market General Index gained 0.1 percent and Abu Dhabi’s measure advanced 0.4 percent. Bahrain’s gauge climbed 1.3 percent and Saudi Arabia’s Tadawul All Share Index lost 0.7 percent.
Advanced Petrochemicals Co. (APPC AB): The Saudi Arabian petrochemicals maker was rated “neutral” at HSBC Holdings Plc with a share-price estimate of 25 riyals. The shares dropped 1.5 percent to 23.1 riyals.
Arriyadh Development Co. (ADCO AB): The Saudi residential and commercial property developer posted first-quarter profit of 23 million riyals ($6.1 million) compared with 22 million riyals the year earlier. The shares declined 0.4 percent to 13.45 riyals.
Burgan Bank (BURG KK): The Kuwaiti bank appointed Majed Essa Al Ajeel as chairman and Mohamad Abdul Rahman Al Bisher as vice chairman as it elected a new board. The shares fell 1.3 percent to 370 fils.
Jabal Omar Development Co. (JOMAR AB): The real-estate developer in Saudi Arabia’s holy city of Mecca reported a first- quarter loss of 8.9 million riyals compared with a loss of 4.1 million riyals a year earlier. The shares increased 0.3 percent to 20.1 riyals.
National Bank of Kuwait SAK (NBK KK): Kuwait’s biggest bank is considering buying a stake in Turkiye Garanti Bankasi AS to expand in that country, Reuters reported, citing NBK’s Chief Executive Officer Ibrahim Dabdoub. The shares were unchanged at 1,220 fils.
National Industrialization Co. (NIC AB): The Saudi petrochemical maker was rated a new “neutral” at HSBC with a price estimate of 32 riyals a share. The shares increased 0.3 percent to 31.6 riyals.
Qatar National Bank (QNBK QD): The Persian Gulf nation’s biggest bank said first-quarter profit rose 25 percent to 1.27 billion riyals. The shares fell 0.8 percent to 138.2 riyals.
Saudi International Petrochemical Co. (SIPCHEM AB): The petrochemical maker known as Sipchem was rated “overweight” at HSBC with a price estimate of 30 riyals a share. The shares lost 1.1 percent to 23.4 riyals.
Tabuk Agriculture Development Co. (TAACO AB): The Saudi fruit and vegetable exporter named Mohamed Al Rajhi as chairman after Abdulla Al Rajhi resigned. The shares were unchanged at 26 riyals.
Yanbu Cement Co. (YNCCO AB): The Saudi cement maker said first-quarter profit dropped 19 percent to 123 million riyals on lower sales. The shares retreated 0.4 percent to 46.1 riyals.