Doha Bank, Emaar, Etisalat, Kingdom, 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.
Saudi Arabia’s Tadawul All Share Index and Qatar’s QE Index rose 0.4 percent each, while the ADX General Index advanced 0.1 percent. Dubai Financial Market General Index, Kuwait Stock Exchange Index and Muscat Securities Market fell 0.3 percent
Doha Bank QSC (DHBK QD): Qatar’s third-largest bank by assets denied reports that it plans to become a full-fledged Islamic bank. The shares climbed 2.3 percent to 62.4 riyals.
Dubai Investments PJSC (DIC UH): The company which owns stakes in more than 40 others plans to borrow about $300 million from banks this year to support growth and expects profit to be similar to last year, its chief executive officer said. The shares were unchanged at 81.4 fils.
Emaar Properties PJSC (EMAAR UH): The biggest developer in the United Arab Emirates said fourth-quarter profit fell 62 percent to 274 million dirhams ($75 million) on higher writedowns and provisions for financial assets. The shares fell 1.2 percent to 3.25 dirhams.
Emirates Telecommunications Corp. (ETISALAT UH): The Abu Dhabi-based company seeking a controlling stake in Kuwait’s Zain reported a 14 percent decline in full-year profit to 7.63 billion dirhams. The shares rose 0.9 percent to 11.1 dirhams.
Kingdom Holding Co. (KINGDOM AB): The investment company controlled by Saudi billionaire Prince Alwaleed Bin Talal extended by three days a deadline for its offer to acquire Mobile Telecommunications Co.’s (ZAIN KK) 25 percent stake in Zain Saudi Arabia (ZAINKSA AB). Kingdom fell 0.5 percent to 10.15 dirhams. Zain Saudi shares rose 0.6 percent to 7.95 riyals and Zain climbed 1.4 percent to 1,440 fils.
National Central Cooling Co. (TABREED UH): The U.A.E. utility that’s restructuring 4.7 billion dirhams of debt said it’s seeking more favorable terms on Islamic bonds after securing a refinancing with banks. The shares surged 6.5 percent to 1.47 dirhams.
Qatar General Insurance & Reinsurance Co. (QGRI QD): The Gulf country’s second-largest insurer by market value will seek shareholders approval to sell $500 million of bonds. The shareholders meeting will take place on March 8. The shares soared 9.3 percent to 64.4 riyals.
Renaissance Services SAOG (RNSS OM): The Omani provider of services to the oil and gas industry said full-year profit rose to 32.3 million rials from with 28.5 million rials. The shares dropped 0.9 percent to 1.316 rial.
To contact the reporter on this story: Zahra Hankir in Dubai at Zhankir@bloomberg.net
To contact the editor responsible for this story: Claudia Maedler at Cmaedler@bloomberg.net