BBK, Emirates NBD, Kuwait Finance and Vodafone Qatar: 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.

The Dubai Financial Market General Index gained 1.3 percent, the most since May 10, to 1,590.97. Qatar’s measure increased 0.7 percent and Bahrain’s gauge advanced 1.2 percent. The Bloomberg GCC 200 Index, which tracks 200 equities in the region, increased 1.1 percent.

Al Jazeera Steel Products (ATMI OM): The Omani company that manufactures galvanized pipes was rated “neutral” with a price estimate of 0.39 rial a share at EFG-Hermes Holding SAE. The shares retreated 3.7 percent to 0.288 rial.

BBK (BBK BI): The Bahrain-based retail lender formerly known as Bank of Bahrain & Kuwait delayed a bond sale as investors demanded higher yields to buy emerging-market securities, said a banker with direct knowledge of the plan. The shares declined 0.9 percent to 0.428 dinar.

Emirates NBD PJSC (EMIRATES UH): The United Arab Emirates’ biggest bank by assets said Vice Chairman Abdullah Mohamed Saleh resigned. The shares rose 0.7 percent to 2.71 dirhams.

Kuwait Finance House (KFIN KK): The emirate’s biggest Islamic bank had its A- long-term rating placed on “creditwatch with negative implications” at Standard & Poor’s, which cited deteriorating profit and asset quality. The shares lost 2 percent to 1,000 fils.

Oman Cement Co. (OCOI OM): The sultanate’s second-largest maker of the building material by market value was rated “buy” with a 12-month share-price estimate of 0.87 rial at EFG-Hermes. The shares declined 0.3 percent to 0.64 rial.

Oman International Development & Investment Company (OMVS OM): The investment company known as Ominvest was rated “buy” with a price estimate of 0.54 rial a share at EFG-Hermes. The shares slid 2.9 percent to 0.373 rial.

Oman National Investment Corp. (ONIC OM): The Omani investment, banking and insurance group was rated “sell” with a share-price estimate of 0.41 rial share at EFG-Hermes. The shares lost 2.4 percent to 0.404 rial.

Shell Oman Marketing Co. (SOMS OM): A petroleum products marketing and distribution company in Oman was rated “neutral” with a 12-month price estimate of 2.04 rials a share at EFG- Hermes. The shares dropped 2.3 percent to 1.854 rials.

Vodafone Qatar QSC (VFQS QD): The venture between Vodafone Group Plc and state-controlled Qatar Foundation is taking legal action against the country’s telecommunications regulator for allowing a venture between Virgin Mobile and Qatar Telecom QSC entry into the Gulf Arab nation’s market without a license. Vodafone shares gained 0.6 percent to 8.2 riyals. Qatar Telecom shares increased 1 percent to 153 riyals.

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

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