Boubyan Bank, Etisalat, NBK, NBB, Qatar Telecom, Zain: 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 measure advanced 1.2 percent to 2,744.53, the highest level since May 23. The Dubai Financial Market General Index gained 0.9 percent. Saudi Arabia’s market is closed for the weekend.

Al-Qurain Petrochemicals Co. (ALQURAIN KK): The Kuwait- based maker of plastics and chemicals was cut to “underweight” from “neutral” with a target price of 210 fils at Taib Bank. The shares declined 3.2 percent to 242 fils.

Bank of Sharjah (BOS UH): The United Arab Emirates’ lender finalized the sale of a 30 percent stake in Emirates Lebanon Bank to El Capital FZC. The shares gained 1.6 percent to 1.86 dirhams.

Boubyan Bank KSC (BOUBYAN KK): The Islamic lender in Kuwait said it had a nine-month net income of 4.5 million dinars ($15.9 million) after a loss of 17.2 million dinars the year earlier. The bank said it set aside 11.5 million dinars in loan provisions. The shares rose 3.1 percent to 660 fils.

Emirates Telecommunications Corp. (ETISALAT UH): The U.A.E.’s largest telephone company plans to borrow more than $9 billion to buy shares in Mobile Telecommunications Co., also known as Zain, three bankers familiar with the transaction said.

Separately, National Bank of Kuwait (NBK KK) is arranging a syndicated loan to finance Etisalat’s purchase of 46 percent of Zain, Chief Executive Officer Ibrahim Dabdoub said, according to state-run Kuwait News Agency. Etisalat increased 1.4 percent to 11.10 dirhams and National Bank was unchanged at 1,420 fils.

Finance House PJSC (FH UH): The Abu Dhabi-based lender said third-quarter profit rose to 25.4 million dirhams ($6.9 million) from 23.5 million dirhams the year earlier. The shares declined 0.2 percent to 4.49 dirhams when they last traded on Oct. 5.

National Bank of Bahrain (NBB BI): The oldest lender in the country said third-quarter profit fell to 10.8 million dinars ($28.6 million) from 11.35 million dinars the year earlier. The shares slipped 1.6 percent to 0.62 dinar.

Qatar Telecom (QTEL QD): The company that provides telecommunications services in 17 countries from Asia to Africa said it will sell more bonds. The company is seeking to raise between $1 billion and $1.25 billion by selling 15-year bonds and reopening last week’s issue of notes due in 2016, said two people with knowledge of the plan. The shares rose 0.9 percent to 173.5 riyals.

Zain (ZAIN KK): The Kuwaiti telephone company in talks to sell a 46 percent stake to Etisalat said profit surged five-fold to 976 million dinars ($3.37 billion) in the first nine months of the year as it added customers and booked a gain from selling African units. The shares increased 2.9 percent to 1,420 fils.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net Zahraa Alkhalisi in Abu Dhabi zalkhalisi@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net.

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