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BBK, Kuwait National, Saudi Industrial: 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.

Dubai’s DFM General Index (DFMGI) retreated 0.6 percent, while Abu Dhabi’s ADX General Index (ADSMI) advanced 0.5 percent. Qatar’s QE Index (DSM) declined 0.2 percent.

Kuwait National Airlines Co. (KNA) : Shareholders of the holding company voted to postpone a decision to raise capital to 65 million dinars ($236 million), pending an agreement with Kuwait’s Aviation Lease & Finance Co. (ALAFCO KK) on its demands. Kuwait National shares tumbled 12 percent to 19 fils when they last traded May 15. Aviation Lease was unchanged at 340 fils.

National Bank of Bahrain (NBB) and BBK (BBK BI): The Bahraini banks had their credit ratings cut at Moody’s Investors Service with a negative outlook. National Bank, the oldest commercial lender in the country, rose 1.7 percent to 0.59 dinar. BBK (BBK), the bank formerly known as Bank of Bahrain & Kuwait, was unchanged at 0.42 dinar when the shares last traded on May 26.

Saudi Electricity Co. (SECO) : The state-controlled utility awarded a contract valued at 444.5 million riyals ($119 million) to a local company to build a power line linking the Jazan and Najran provinces, the Saudi Press Agency reported. The shares rallied 4.4 percent to 14.4 riyals.

Saudi National Petrochemical Co. (PETROCH) : The company known as Petrochem said a study for the proposed merger with Saudi Industrial Investment Group (SIIG) is postponed “until the Saudi Polymers Company has reached a stable level of production.” Petrochem climbed 0.4 percent to 22.95 riyals and Saudi Industrial declined 0.8 percent to 23.7 riyals.

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

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