ADCB, DIB, Global Investment House, Gulf Cement, Zain: 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.
Abu Dhabi Commercial Bank PJSC (ADCB UH): The United Arab Emirates’ third-largest bank by assets may buy Royal Bank of Scotland Group Plc’s retail banking assets in the U.A.E., three bankers familiar with the deal said. The shares lost 5.2 percent to 1.82 dirhams.
Commercial Bank of Kuwait SAK (CBK KK): The country’s second-largest lender by market value secured approval to renew a buyback of up to 10 percent of its shares for six months, starting May 21. The shares were unchanged at 930 fils.
Dubai Islamic Bank PJSC (DIB UH): The United Arab Emirates’ largest Islamic lender reported a decline in first-quarter net income to 200 million dirhams ($54.5 million) from 370.3 million dirhams. The shares slid 0.9 percent to 2.28 dirhams.
Global Investment House KSCC (GLOBAL KK): Shareholders in the Kuwait-based investment bank approved raising the company’s capital by 100 million dinars ($346 million) to a total of 231.2 million dinars. The shares fell 2.2 percent to 90 fils.
Gulf Cement Co. (GCEM UH): The U.A.E.-based cement producer reported a first-quarter profit of 57.2 million dirhams after a 11.74 million-dirham loss the year earlier. The shares rose 2.7 percent to 1.91 dirhams when they last traded on May 4.
Masraf Al Rayan (MARK QD): The Doha, Qatar-based bank plans an initial public offering of a Saudi Arabian unit in a “few years,” Al-Eqtisadiah reported, citing Chief Executive Officer Adel Mustafawi. The shares lost 1.3 percent to 14.8 riyals.
Salhia Real Estate Co. (SRE KK): The Kuwaiti property investor and hotel operator posted a first-quarter profit of 2.5 million dinars compared with 164,784 dinars a year earlier. The shares dropped 0.8 percent to 236 fils.
Zain (ZAIN KK): The Kuwaiti mobile-phone company that’s selling 15 of its African units to Bharti Airtel Ltd. expressed interest in acquiring Mozambique’s proposed third mobile-phone license, the industry regulator Americo Muchanga said in an interview.
Separately, Zain will expand its money-transfer service to two more African countries this month, Group Marketing Director George Held said. The shares declined 2.9 percent to 1,320 fils.