Amiantit, Arabtec, Bank Muscat, NBO and Saudi Dairy: Gulf Equity Preview
The following stocks may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.
The DFM General Index climbed to the highest level in a week, gaining 0.3 percent to 1,742. Abu Dhabi’s gauge increased 0.2 percent to the highest since April 27. Saudi Arabia’s Tadawul All Share Index lost 0.1 percent while Oman’s index advanced 0.1 percent.
Arabtec Holding PJSC (ARTC UH): The biggest construction company in the United Arab Emirates wants to increase the capital of its Target Engineering Construction Co. unit to more than 100 million dirhams ($27.2 million), Chief Financial Officer Ziad Makhzoumi told Al Arabiya television. The shares were unchanged at 2.49 dirhams.
Bank Muscat SAOG (BKMB OM): Oman’s biggest bank by assets was cut to “neutral” from “overweight” and assigned a price estimate of 1 rial at HSBC Holdings Plc. The shares gained 0.2 percent to 0.900 rial.
National Bank of Oman SAOG (NBOB OM): The sultanate’s second-biggest bank by assets was raised to “overweight” from “neutral” and assigned a price estimate of 0.41 rial at HSBC. The shares rose 0.3 percent to 0.347 rial.
Saudi Arabian Amiantit Co. (SAAC AB): A unit of the maker of fiberglass, iron and pipes received a 105.4 million riyal ($28.1 million) loan from the Saudi Fund for Industrial Development. The shares dropped 0.9 percent to 22.90 riyals.
Saudi Dairy & Food Stuff Co. (SADAFCO AB): The kingdom’s second-biggest food company by market value said it’s considering a single plant in Abdullah Economic City to boost capacity. The shares retreated 1.7 percent to 46.8 riyals.