Abu Dhabi Islamic, Air Arabia, Barwa, CBQ, Doha Bank: 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 DFM General Index lost 1.7 percent to 1,746.02, the lowest close since March 18. Qatar’s measure dropped 0.8 percent to 7,493.9, the lowest in more than two weeks. The Kuwait Stock Exchange Index slid 0.5 percent, while Saudi Arabia’s Tadawul All Share Index increased 0.1 percent.

Abu Dhabi Islamic Bank PJSC (ADIB UH): The United Arab Emirates bank complying with Muslim banking rules said first- quarter profit rose 9.3 percent to 293.3 million dirhams ($80 million). The shares advanced 2.6 percent to 3.18 dirhams.

Al Ahli Bank of Kuwait KSC (ABK KK): The lender posted a profit of 15.3 million dinars ($53 million), state news agency KUNA reported. The shares slid 1 percent to 485 fils.

Air Arabia (AIRARABI UH): The Middle East’s largest low- cost airline is working to raise funds to buy an aircraft, its Chief Executive Officer Adel Ali said. Separately, the company reported it filled on average about 80 percent of its seats in the first-quarter. The shares fell 2.9 percent to 90 fils.

Al Khaliji Bank (KCBK QD): The Qatari bank reported a first-quarter profit of 58.1 million riyals ($16 million) including an impairment charge of 14.5 million riyals. The shares dropped 2.6 percent to 18.9 riyals.

Al-Rajhi Bank (RJHI AB): Saudi Arabia’s largest lender by market value was downgraded to “market perform” from “outperform” with a share-price estimate of 80.40 riyals at Al Mal Capital PSC. The shares declined 1.2 percent to 80.75 riyals.

Barwa Real Estate Co. (BRES QD): The developer said first- quarter net income rose 8.25 percent to 210 million riyals. The shares slid 0.3 percent to 33.7 riyals.

Commercial Bank of Qatar QSC (CBQK QD): The Persian Gulf country’s second-biggest bank said net income fell 33 percent to 410 million riyals. The decline was less than analysts surveyed by Bloomberg expected. The shares gained 0.4 percent to 75.4 riyals.

Doha Bank QSC (DHBK QD): Qatar’s third-biggest bank said first-quarter profit fell 4.5 percent to 315 million riyals as investment income declined. The bank plans to sell senior bonds in dollars, the lender said without disclosing the size of the debt program. The shares retreated 1 percent to 50.4 riyals.

National Industrialization Co. (NIC AB): The Saudi petrochemical maker reported first-quarter profit of 332.8 million riyals ($89 million) on higher sales and prices, after a loss of 25.8 million riyals in the year-earlier period. The shares advanced 4.1 percent to 35.2 riyals.

Qatar Industrial Manufacturing (QIMD QD): The producer of building materials, chemicals and paper said first-quarter profit rose 21 percent to 46.9 million riyals. The shares climbed 1.6 percent to 43.7 riyals.

Saudi Real Estate Co. (SRECO AB): The Riyadh-based property developer said first-quarter profit fell to 30.6 million riyals from 31 million riyals in the year-earlier period. The shares increased 0.4 percent to 24.95 riyals.

Saudi National Petrochemical Co. (PETROCH AB): The company also known as Petrochem said the first-quarter loss widened to 43 million riyals from 7.9 million riyals in the year-earlier period. The shares were unchanged at 19.25 riyals.

Saudi Telecom Co. (STC AB): The Arab world’s largest phone company’s first-quarter net income dropped 29 percent to 1.77 billion riyals ($473 million) as international calls became cheaper and charges for using outside networks increased. The shares were unchanged at 45.9 riyals.

To contact the reporters on this story: Zahra Hankir in Dubai zhankir@bloomberg.net, or Dana El Baltaji in Dubai at delbaltaji@bloomberg.net

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