ADCB, Bank Muscat, Emirates NBD, Zain: Gulf Equity Preview
Stock Chart for Emirates NBD PJSC (EMIRATES)
The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.
Abu Dhabi Commercial Bank PJSC (ADCB) : The United Arab Emirates’ third-largest bank by assets is expected to hold a board meeting May 31 to assess the shortlisted bidders for its 25 percent stake in Malaysia lender RHB Capital Bhd., the Star reported, citing people it didn’t identify. The shares were unchanged at 2.72 dirhams.
Bank Muscat SAOG (BKMB OM): Oman’s biggest bank by assets reduced a syndicated term loan by 32 percent to $250 million after a review of its funding needs. The shares fell 0.1 percent to 0.699 rial.
Emirates NBD PJSC (EMIRATES) : The U.A.E.’s biggest bank by assets said it exchanged notes valued at $332.5 million in an offer to holders of its subordinated step-up floating rate notes due in 2016. The shares rose 0.3 percent to 3.80 dirhams.
Mediterranean & Gulf Insurance & Reinsurance Co. (MEDGULF) : The Saudi Arabian insurer known as MedGulf won a three-year contract to provide cooperative insurance services to Saudi Basic Industries Corp. (SABIC)’s employees and their families. The shares rose 0.3 percent to 29.70 riyals. Saudi Basic shares increased 0.5 percent to 107.75 riyals.
Mobile Telecommunications Co. (ZAIN KK) and National Investments Co. (NINV KK): Kuwait’s Kharafi Group sees potential for expansion in Saudi Arabia, Egypt, Qatar and the United Arab Emirates, Vice President Marzouk Nasser Al-Kharafi said. The Kharafi Group is the second-largest shareholder in Zain, Kuwait’s biggest mobile-phone company, while National Investments is controlled by the group. Zain shares were unchanged at 1,020 fils and National Investment shares advanced 0.9 percent to 238 fils.
Saudi Steel Pipe Co. (SSP) : The manufacturer of welded pipes got a loan valued at 15.8 million riyals ($4 million) from the Saudi Industrial Development Fund for a plant to bend pipes in the Second Industrial City in Dammam. The shares rose 0.8 percent to 26.40 riyals.
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