ADCB, Mannai Corp. and Southern Province: 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.

Saudi Arabia’s Tadawul All Share Index (SASEIDX) retreated 0.7 percent, while Dubai’s DFM General Index (DFMGI) declined less than 0.1 percent. Abu Dhabi’s ADX General Index (ADSMI) rose 0.7 percent.

Abu Dhabi Commercial Bank PJSC (ADCB) : The United Arab Emirates’ third-largest bank by assets agreed to sell its 24.9 percent stake in Malaysian lender RHB Capital Bhd. to state- owned Aabar Investments PJSC for $1.9 billion. The shares rose 2.2 percent to 3.23 dirhams.

Mannai Corp. (MCCS QD): Axiom Telecom, a mobile-telephone retailer based in Dubai, sold a 35 percent stake in the company to Mannai, the Qatari retailer of electronics, durables and vehicles. The shares slipped 2.8 percent to 106 riyals.

Southern Province Cement Co. (SOCCO) : Saudi Arabia’s biggest cement producer by market value said second-quarter profit will rise an estimated 28 percent to 237 million riyals ($63 million) from 185 million riyals a year earlier. The shares dropped 1 percent to 72.25 riyals.

To contact the reporters on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net; Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editors responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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