First Gulf, Kuwait Finance, Maaden and Saudi British: Gulf Equity Preview

The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.

Saudi Arabia’s Tadawul All Share Index tumbled 6.8 percent, the most since November 2008, to 5,760.33 and the Dubai Financial Market General Index dropped 4.6 percent. Qatar’s QE Index decreased 4.2 percent and Abu Dhabi’s ADX General Index fell 3.1 percent. The Bloomberg GCC 200 Index, which tracks 200 equities in the region, slid 5.5 percent.

Al-Mazaya Holding Co. KSCC (MAZAYA KK): The Kuwait-based property developer plans to issue 149.8 million shares, it said in a statement to the Kuwaiti bourse. The company seeks to raise capital to 64.9 million dinars ($223 million) from 50 million dinars. The shares fell 7.6 percent to 98 fils.

First Gulf Bank PJSC (FGB UH): The Abu Dhabi-based lender was raised to “equal weight” from “overweight” at Morgan Stanley.

Separately, the bank bought back 100,000 shares at 16.23 dirhams a share yesterday. First Gulf fell 5.1 percent to 16.65 dirhams.

Kuwait Finance and Investment Co. (KFIC KK): The Kuwait- based investment banking and asset management firm reported a first-quarter profit of 1.1 million dinars ($3.8 million) after a loss of 6.1 million dinars a year earlier, according to a statement to the local bourse. The shares were unchanged at 100 fils.

Saudi Arabian Mining Co. (MAADEN AB): The state-controlled metals producer known as Ma’aden may take a stake in an aluminum smelter planned for Saudi Arabia’s Jazan Economic City, pending discussions between the partners, Malaysia-based MMC Corp. said. The shares tumbled 9.9 percent to 16.3 riyals.

Saudi British Bank (SABB AB): The lender that’s 40 percent- owned by HSBC Holdings Plc said it appointed Zarir J. Cama as a new board member, according to a statement to the Saudi market. The shares lost 4.7 percent to 41 riyals.

Union National Bank PJSC (UNB UH): The bank in which the governments of Abu Dhabi and Dubai own stakes was cut to “equal weight” from “overweight” at Morgan Stanley. The shares dropped 5.6 percent to 3.04 dirhams.

To contact the reporter on this story: Dana El Baltaji in Dubai delbaltaji@bloomberg.net

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