NBAD, Emirates NBD, Commercial Bank of Qatar, Kipco: 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.
Agility (AGLTY KK): The Kuwaiti logistic company’s U.S. subsidiary may be dropped from a criminal case accusing it of overbilling the military after prosecutors sought to dismiss the charges. The request pertains only to Agility DGS Holdings Inc. and not to any other defendant, federal prosecutors in Atlanta said in a court filing. The shares advanced 2.4 percent to 420 fils.
Bank of Sharjah (BOS UH): The United Arab Emirates’ lender posted a second-quarter profit of 140.7 million dirhams ($38.3 million) compared with 147.3 million dirhams in the year-earlier period. The shares dropped 4.8 percent to 1.59 dirhams when they were last traded on July 26.
Commercial Bank of Qatar (CBQK QD): The country’s second- biggest lender by assets reported a 23 percent increase in second-quarter profit, beating analysts’ estimates. Net income rose to 408 million riyals ($112 million). The shares gained 0.6 percent to 67.7 riyals.
Drake & Scull International PJSC (DSI UH): The Dubai-based mechanical, electrical and plumbing company won four contracts valued at 80 million dirhams in Kuwait, Oman and Qatar. The shares fell 2 percent to 84 fils.
Emirates NBD PJSC (EMIRATES UH): The U.A.E.’s biggest bank by assets had it share-price estimate cut to 3.8 dirhams from 6.1 dirhams at Credit Suisse Group AG. The shares fell 2.8 percent to 2.43 dirhams.
Gulf Insurance Co. (GINS KK): The Kuwaiti general insurer reported a second-quarter profit of 1.6 million dinars compared with 1.8 million dinars in the year-earlier period. The shares were unchanged at 410 fils when they last traded on July 26.
Kuwait Projects Co. (KPROJ KK): A Kuwaiti investment company was raised to “overweight” from “neutral” at Taib Bank. The shares were unchanged at 335 fils.
National Bank of Abu Dhabi PJSC (NBAD UH): The U.A.E.’s second-largest lender by assets reported a 10.4 percent rise in second-quarter profit, beating analysts’ estimates as the bank boosted income from lending and set aside less money for bad loans. The shares slid 0.5 percent to 11 dirhams.
Sorouh Real Estate Co. (SOROUH UH): Abu Dhabi’s second- biggest property developer by market value had its price estimate lowered 9 percent to 3.87 dirhams at Nomura Holdings Inc. after second-quarter revenue “missed market expectations.” The shares dropped 2.8 percent to 1.76 dirhams.
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