SAC Fund Manager Steinberg Guilty in Insider-Trading Case
ADIB, First Gulf, Kingdom, Masraf, Saudi Electricity: Gulf Equity Preview
The following stocks may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.
Abu Dhabi Islamic Bank PJSC (ADIB UH): The United Arab Emirates’ second-biggest bank complying with shariah banking rules posted a 31 percent increase in third-quarter profit to 314.5 million dirhams ($85.6 million) as income from fees and commissions soared. The shares rose 0.3 percent to 3.06 dirhams.
Al Jouf Cement Co. (JOUF AB): The Saudi Arabian manufacturer of Portland cement posted a third-quarter profit of 5 million riyals ($1.3 million) after a loss of 5.9 million riyals a year earlier. The shares climbed 0.4 percent to 12.7 riyals.
Arabtec Holding Co. (ARTC UH): The biggest builder in the U.A.E. by market value said there is no need for the company to increase provisions this year after setting aside 299 million dirhams for loan losses at the end of 2009. The shares advanced 0.5 percent to 2.25 dirhams.
First Gulf Bank PJSC (FGB UH): The U.A.E. lender owned by Abu Dhabi’s ruling family was raised to “buy” from “neutral” and assigned a price estimate of 22.50 dirhams a share at EFG Hermes Holding. The shares gained 0.3 percent to 15.3 dirhams.
Herfy Food Services Co. (HERFY AB): Saudi Arabia’s largest fast-food chain said third-quarter profit increased 1.7 percent to 30.4 million riyals as sales rose. The shares declined 0.7 percent to 76 riyals.
Kingdom Holding Co. (KINGDOM AB): The investment company controlled by Saudi billionaire Prince Alwaleed Bin Talal said third-quarter profit increased 53 percent to 160 million riyals. The shares added 0.6 percent to 7.95 riyals.
Masraf Al Rayan (MARK QD): Qatar’s second-largest lender complying with Islamic law posted a 43 percent increase in third-quarter profit to 306.8 million riyals. The shares were unchanged at 15.9 riyals.
National Bank of Abu Dhabi PJSC (NBAD UH): The U.A.E.’s second-largest lender will sell bonds only if it can attract investors with yields close to those of sovereign debt, Mark Yassin, the company’s senior general manager of corporate and investment banking, said. The shares increased 0.4 percent to 11.8 dirhams.
National Shipping Co. of Saudi Arabia (NSCSA AB): The Saudi operator of crude oil and chemical tankers said third-quarter profit rose 73 percent to 97 million riyals. The shares climbed 1.8 percent to 17.15 riyals.
National Bank of Umm Al-Qaiwain (NBQ UH): The U.A.E.-based commercial bank said third-quarter profit fell 8 percent to 99.7 million dirhams. The shares surged 10 percent to 2.53 dirhams.
Red Sea Housing Services Co. (REDSEA AB): The Saudi Arabian company that provides ready-made housing units for the oil industry reported a 2.3 million-riyal loss in the third quarter after a 24.4 million riyals profit a year ago. The shares retreated 0.5 percent to 40.1 riyals.
Saudi Electricity Co. (SECO AB): The state-controlled utility said third-quarter profit advanced 34 percent to 2.32 billion riyals. The shares jumped 2.4 percent to 14.95 riyals.
To contact the editor responsible for this story: Claudia Maedler in Dubai at email@example.com