Gulf Stocks: Emirates NBD, Global Investment, Gulf Navigation
The following stocks rose or fell in the Persian Gulf region. Symbols are in parentheses.
Emirates NBD PJSC (EMIRATES) advanced to the highest since December 2009, gaining 2.4 percent to 3.85 dirhams. The United Arab Emirates’ biggest bank by assets said first-quarter profit jumped 27 percent to 1.41 billion dirhams ($385 million) helped by gains from the sale of a stake in its credit card processing unit.
Global Investment House KSCC (GLOBAL) surged to the highest in more than a month, soaring 6 percent to 44 fils. The Kuwait-based bank said a Dubai court ruled in its favor in a $250 million dispute with National Bank of Umm Al Qaiwain (NBQ) , a U.A.E.-based commercial bank. NBQ shares did not trade today.
Gulf Navigation Holding (GULFNAV) PJSC rose the most in more than a week, increasing 3.9 percent to 40 fils. Dubai’s only publicly traded oil-tanker owner said it signed mandates with Deutsche Securities Inc. and King & Spalding LLP to help form a Very Large Crude Carrier joint venture in Saudi Arabia.
Qatar National Bank SAQ (QNBK) decreased to the lowest since April 10, falling 1.1 percent to 135.5 riyals. The Persian Gulf country’s biggest lender by assets had its price estimate cut 8.6 percent to 147.24 riyals at Rasmala.
To contact the reporter on this story: Zahra Hankir in Dubai at email@example.com
To contact the editor responsible for this story: Claudia Maedler at firstname.lastname@example.org