Boubyan Petrochemicals, Etisalat, Zain: 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 dropped 0.5 percent to 8,772.67, the lowest level since Dec. 13. The Dubai Financial Market General Index retreated 0.8 percent and Abu Dhabi’s benchmark stock index slipped 0.4 percent. The Saudi market is closed for the weekend.
Boubyan Petrochemicals Co. (BPCC KK): Profit for the Kuwaiti chemical producer declined 58 percent to 1.47 million dinars ($5.2 million) in the three months to Oct. 31 from 3.48 million dinars in the same period of 2009, according to figures posted on the Kuwait bourse website. The shares were unchanged at 540 fils.
Emirates Telecommunication Corp. (ETISALAT UH) and Mobile Telecommunications Co. (ZAIN KK): A deal to sell 46 percent of Mobile Telecommunications Co., known as Zain, to Emirates Telecommunications Corp. for $12 billion will bring liquidity to Kuwait’s stock market, Al-Rai reported. Etisalat was unchanged at 10.85 dirhams. Zain rose 4.1 percent to 1,540 fils.
National Bank of Abu Dhabi PJSC (NBAD UH): The United Arab Emirates’ second-largest lender by assets sold 500 million ringgit ($159 million) of 10-year, 4.9 percent Islamic notes, according to a person familiar with the matter. The shares declined 1.7 percent to 11.95 dirhams.
National Bank of Oman SAOG (NBOB OM): The Persian Gulf country’s second-biggest bank by assets appointed Dev Sarker as chief financial officer. The shares were unchanged at 0.357 rial.
To contact the editor responsible for this story: Claudia Maedler in Dubai at email@example.com