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Emaar, Red Sea Housing, UNB and DP World: 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.
Qatar’s QE Index advanced 3.6 percent to 8,477.32 at the 12:30 p.m. close in Doha. Bahrain’s All Share Index gained 0.3 percent and Kuwait’s measure increased 0.7 percent. Saudi Arabia’s gauge retreated 0.3 percent.
DP World Ltd. (DPW DU): The world’s fourth-biggest port operator had its share price estimate increased to $0.65 from $0.50 at UBS AG. Separately, the company’s outlook was raised to “stable” from “negative” at Standard & Poor’s. The shares retreated 0.2 percent to 59.9 cents.
Emaar Properties PJSC (EMAAR UH): The builder of the world’s tallest tower is interested in Qatari development contracts in connection with the Gulf Arab state hosting the soccer World Cup in 2022, Chairman Mohamed Alabbar said in remarks to Al Arabiya television. The shares gained 1.4 percent to 3.67 dirhams.
Red Sea Housing Services Co. (REDSEA AB): The Saudi Arabian provider of prefabricated housing said its chairman resigned and named Ibrahim al-Madhoun as a replacement. The shares declined 1.4 percent to 52 riyals.
Union National Bank PJSC (UNB UH): The lender was dropped from MSCI Barra’s United Arab Emirates Index because of low trading volumes, The National reported yesterday, citing an unidentified MSCI spokesman. The shares increased 0.3 percent to 3.14 dirhams.
To contact the editor responsible for this story: Claudia Maedler in Dubai at email@example.com