Agility, NBAD, Omantel, Zain Saudi Arabia, Al-Hassan: Gulf Equity Preview
Stock Chart for Mobile Telecommunications Co Saudi Arabia (ZAINKSA)
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 slumped 1.5 percent to close at 1,692.4, the lowest level in more than two months. Abu Dhabi’s ADX General Index and Kuwait Stock Exchange Index dropped 0.6 percent. Oman’s MSM30 Index lost 0.8 percent and Qatar’s QE Index decreased 1.8 percent.
Agility (AGLTY KK): Chairman Tarek Sultan expects profitability of the Middle East’s largest storage and logistics company to decline “over the course of the next four quarters” from the financial impact of a U.S. legal case and as contracts wind down in Iraq.
Agility was indicted in November for allegedly overcharging the U.S. government on a multibillion dollar contract to supply food. The shares fell 3.5 percent to 560 fils.
Al-Hassan Ghazi Ibrahim Shaker Co. (SHAKER AB): A cooling systems and home appliances manufacturer will start trading in Saudi Arabia today after raising 514.5 million riyals ($137 million) in an initial public offering.
National Bank of Abu Dhabi PJSC (NBAD UH): The United Arab Emirates’ second-largest lender by assets repurchased 84.2 million dirhams ($23 million) of convertible notes listed on the London Stock Exchange. The shares declined 1.7 percent to 11.8 dirhams.
Oman Telecommunications Co. (OTEL OM): The biggest telephone company in the sultanate signed an accord with Gulf Bridge International on cable landing. The shares dropped 0.6 percent to 1.234 rials.
Zain Saudi Arabia (ZAINKSA AB): The unit of Kuwait’s largest mobile telephone will start 4G, or fourth generation, services, Saudi Press Agency reported. The shares increased 0.6 percent to 8.6 riyals.
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