Gulf Stocks: Bank Sohar, Gulf International, Saudi British Bank
Qatar’s QE Index (DSM) declined 0.7 percent at the 1:10 p.m. close in Doha. Saudi Arabia’s Tadawul All Share Index (SASEIDX) retreated 0.3 percent, while Dubai’s DFM General Index (DFMGI) jumped 1.1 percent.
The following stocks rose or fell in the Persian Gulf region. Symbols are in parentheses.
Bank Sohar (BKSB) climbed to the highest level in a month, advancing 1.8 percent to 0.171 rial. The Omani lender said first-quarter profit rose 8 percent to 3.06 million rials ($7.9 million) from a year earlier.
Gulf International Services QSC (GISS QD) gained to the highest since Feb. 23, increasing 3.9 percent to 27.85 riyals. The holding company was started with a “buy” recommendation and assigned a price estimate of 44 riyals at Deutsche Bank AG.
Renaissance Services SAOG (RNSS) advanced the most since March 13, rising 4.3 percent to 1.048 rials. The Omani provider of services to the oil and gas industry was started at Deutsche Bank with a “buy” recommendation and a price estimate of 1.3 rials.
Saudi British Bank (SABB) advanced the most since March 28, jumping 2.2 percent to 45.6 riyals. The lender 40 percent owned by HSBC Holdings Plc said first-quarter profit rose 21 percent to 751 million riyals ($200 million) from a year earlier.
Zamil Industrial Investment Co. (ZIIC) increased the most since March 26, gaining 1.9 percent to 31.5 riyals. The maker of building materials in Saudi Arabia signed an agreement with Ethiopia’s government-owned Metals & Engineering Corp. to supply products for development projects in the country.
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