Commercial Bank of Kuwait, Albaraka, Burgan, Shuaa: Gulf Equity Preview
Stock Chart for Albaraka Banking Group (BARKA)
The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.
Albaraka Banking Group (BARKA BI): The largest publicly traded Islamic lender in Bahrain said first-quarter profit rose 16 percent to $27.7 million as provisions fell. The shares were unchanged at $1.60 when they last traded on May 10.
Al-Mal Investment Co. (ALMAL KK): The Kuwaiti investment firm posted a first-quarter loss that widened to 1.4 million dinars ($4.8 million) from 961,358 dinars a year earlier, according to a company statement to the local bourse. The shares were unchanged at 102 fils.
Burgan Bank SAK (BURG KK): The Kuwaiti lender said first- quarter profit dropped 83 percent to 1.87 million dinars from 11 million dinars a year earlier, without giving a reason. The shares gained 1.4 percent to 355 fils.
Commercial Bank of Kuwait SAK (CBK KK): The Gulf Arab country’s second-biggest bank by market value posted a loss of 1.4 million dinars in the first quarter after a profit of 3.14 million dinars a year ago. The shares were unchanged at 910 fils.
Emirates Integrated Telecommunications Co. (DU UH): The company known as Du needs a better debt-to-equity ratio for credit rating, Chief Executive Officer Osman Sultan said on a conference call. The company plans to invest 2 billion dirhams in 2011 and is “seeing momentum on all fronts of business,” Sultan said. The shares dropped 1.2 percent to 2.52 dirhams.
First Gulf Bank (FGB UH): The United Arab Emirates lender owned by Abu Dhabi’s ruling family was raised to “buy” from “accumulate” at Naeem Holding, with a price estimate of 23.10 dirhams a share. The shares decreased 1.4 percent to 18.1 dirhams.
Mabanee Co. SAKC (MABANEE KK): The Kuwaiti construction company said first-quarter profit rose 9.4 percent to 5.25 million dinars. The shares increased 3.1 percent to 670 fils.
National Industries Co. (NICBM KK): The unit of Kuwait- based National Industries Group Holding said first-quarter net income was 2.2 million dinars after a loss of 6.8 million dinars a year earlier. The shares declined 2.6 percent to 380 fils when they last traded on May 10.
Shuaa Capital PSC (SHUAA UH): The biggest investment bank in the Emirates said it will raise more than $50 million by selling its entire stake in Kuwait’s Alkout Industrial Projects Co. The shares were unchanged at 1.40 dirhams.
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