Emirates NBD, Sorouh, Gulf Bank, Al Khalij Holding: 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.

Dubai’s DFM General Index rose 0.2 percent to 1,509.66. The Kuwait Stock Exchange Index gained 0.6 percent and Abu Dhabi’s measure increased less than 0.1 percent.

Al-Khalij Holding (KHCD QD): The Qatari holding company said first-half profit dropped 46 percent to 31.7 riyals ($8.7 million). The shares retreated 1.3 percent to 15.2 riyals.

Dubai Financial Market (DFM UH): The only Gulf Arab stock market to sell shares to the public was downgraded to “neutral” from “outperform” at Credit Suisse Group AG, with a price estimate of 1.40 dirhams. The shares were unchanged at 1.47 dirhams.

Emirates NBD PJSC (EMIRATES UH): The United Arab Emirates’ biggest bank by assets appointed Surya Subramanian as chief financial officer, the bank’s Chief Executive Officer Rick Pudner said.

Emirates NBD is evaluating acquisition opportunities in the Middle East, Pudner said. He expects state-owned Dubai World to reach an agreement on a debt restructuring plan by September. The shares advanced 0.8 percent to 2.5 dirhams.

Gulf Bank KSC (GBK KK): The Kuwaiti lender reported a second-quarter profit after a loss in the year-earlier period as it sold part of its international investment assets. Net income was 1.5 million dinars ($5 million), according to Bloomberg calculations based on the subtraction of first-quarter earnings from half-year results provided by the company today. The shares rose 2.3 percent to 440 fils.

Sharjah Cement & Industrial Development Co. (SCIDC UH): The U.A.E. maker of building materials reported a second-quarter loss of 3.27 million dirhams ($890,000) after a profit of 52.4 million dirhams in the year-earlier period. The shares surged 9.9 percent to 1.11 dirhams.

Sorouh Real Estate PJSC (SOROUH UH): Abu Dhabi’s second- biggest property developer by market value posted a 79 percent decline in second-quarter profit, missing analysts’ estimates. The shares increased 2.8 percent 1.81 dirhams.

To contact the reporters on this story: Zahraa Alkhalisi in Abu Dhabi at zalkhalisi@bloomberg.net

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