Emaar, Rabigh Refining, Zain: Persian 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.
Emaar Properties PJSC (EMAAR) : The United Arab Emirates’ biggest developer by market value said it sold 409 units in a property project in Syria. Separately, unit Emaar Hospitality Group LLC named Patrick Heuze as its chief executive officer, replacing Marc Dardenne. Emaar shares increased 0.3 percent to 3.03 dirhams.
Emirates NBD PJSC (EMIRATES) : The U.A.E.’s biggest bank by assets said its new board of directors held its first meeting with Sheikh Ahmed bin Saeed Al Maktoum as chairman and that it reviewed the bank’s plans and performance in the first half. The shares rose 1.2 percent to 4.18 dirhams.
Saudi International Petrochemical Co. (SIPCHEM) : The petrochemical company’s Islamic bond is said to yield between 175 basis points and 185 basis points over the three-month Sibor, according to one banker familiar with the transaction. The shares gained 0.5 percent to 21.45 riyals.
Mobile Telecommunications Co. (ZAIN KK): The Kuwaiti phone operator said Chief Operating Officer Abdul Malik al-Jaber will leave the company when his contract expires at the end of the month. The shares retreated 1.9 percent to 1,020 fils.
Rabigh Refining & Petrochemicals Co. (PETROR) : The petrochemicals company was started with a “neutral” rating and assigned a price estimate of 29 riyals at HSBC Holdings Plc. The shares advanced 0.4 percent to 26.4 riyals.
AlDrees Petroleum (ALDREES) : The operator of gasoline service stations was started with an "overweight" rating and a price estimate of 60 riyals at HSBC. The shares were unchanged at 44.8 riyals.
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