Emaar Properties, NBK, Saudi Electricity: Gulf Equity Preview
The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.
Emaar Properties PJSC (EMAAR UH): The United Arab Emirates’ biggest property developer said it reached a settlement to resolve a dispute with Jadawel International in Saudi Arabia. The shares retreated 0.9 percent to 3.39 dirhams.
Ithmaar Bank BSC (ITHMR BI): The retail-focused Islamic bank based in Bahrain raised $167 million from a secured, Islamic murabaha loan from Ahli United Bank BSC (AUB BI). Ithmaar Bank was unchanged at 12 cents. Ahli United shares were unchanged at 72 cents.
National Bank of Kuwait SAK (NBK KK): NBK Capital Ltd., a unit of the emirate’s biggest lender, acquired a 20 percent stake in Turkish aquaculture company Kilic Deniz through its NBK Capital Equity Partners Fund I. The shares rose 4.4 percent to 1,440 fils.
Saudi Ceramic Co. (SCERCO AB): The maker of bathroom fixtures and electric water heaters said its board recommended a dividend of 3.5 riyal-per-share for 2010. The shares advanced 0.8 percent to 151.75 riyals.
Saudi Electricity Co. (SECO AB): The state-controlled utility awarded contracts valued at 3.5 billion riyals ($933 million) to a local company to expand power generation. The shares decreased 1.1 percent to 14.05 riyals.
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