Aabar, Agility, Dana Gas, Drake & Scull and Methanol: 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.
Abu Dhabi’s ADX General Index rose 1 percent, the most since May 10 and Dubai’s benchmark advanced 1.1 percent. Oman’s gauge jumped 2 percent, the most in more than six months, to 6,257.8. Saudi Arabia’s Tadawul All Share Index increased 0.6 percent and Kuwait’s gauge rose less than 0.1 percent.
Aabar Investments PJSC (AABAR UH): The Abu Dhabi fund’s board will meet on June 24 to consider calling a shareholder meeting to convert it into a private company and cancel the listing of shares on the Abu Dhabi Securities Exchange, the company said. The shares rose 1.9 percent to 1.64 dirhams.
Agility (AGLTY KK): The Middle East’s largest storage and logistics company is a “fugitive from American justice” that is trying to evade trial on charges of overbilling on military supplies, U.S. prosecutors said. The shares retreated 1.3 percent to 385 fils.
Drake & Scull International PJSC (DSI UH): The Dubai-based mechanical, electrical and plumbing company said it won contracts valued at 240 million dirhams ($65 million) in Abu Dhabi. The shares fell 0.4 percent to 81.7 fils.
Dana Gas PJSC (DANA UH): The United Arab Emirates-based energy company will discuss buying back shares and review its operations in the Kurdish region of Iraq and the U.A.E. at a board meeting today. The shares increased 3 percent to 69 fils.
Methanol Chemicals Co. (CHEMANOL AB): Saudi Arabia’s market regulator fined three companies 250,000 riyals ($67,000) for violating disclosure regulations. Methanol was fined 100,000 riyals, Saudi International Petrochemical Co. (SIPCHEM AB) was fined 50,000 riyals and Al-Baha Development & Investment Company (ABDICO AB) was fined 100,000 riyals. Methanol shares rose 0.4 percent to 14.5 riyals, Sipchem gained 2.5 percent to 22.65 riyals and Al-Baha advanced 0.3 percent to 14.75 riyals.