Alinma Bank, Qassim Cement, Etisalat: 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) advanced 0.2 percent, while Dubai’s DFM General Index (DFMGI) gained 0.4 percent. Abu Dhabi’s ADX General Index (ADSMI) slipped less than 0.1 percent.

Alinma Bank (ALINMA) : The Saudi Arabia-based Islamic lender posted a second-quarter profit of 102 million riyals compared with 3 million riyals a year ago. The shares rose 0.5 percent to 9.95 riyals.

Arab Banking Corp. (ABC BI): The Bahraini bank’s deposit ratings were lowered by one level to Ba1/not-prime from Baa3/prime-3 at Moody’s Investors Service. The shares were unchanged at 0.46 dinars.

Bank Albilad (ALBI) : Saudi Arabia’s smallest lender said second-quarter profit more than doubled to 81.7 million riyals from in the year-earlier period. The shares dropped 0.3 percent to 18.65 riyals.

Emirates Telecommunications Corp. (Etisalat UH): Etisalat DB Telecom India Pvt Ltd., a joint venture between the United Arab Emirates biggest phone company known as Etisalat and Dynamix Balwas Group, has been fined 70 billion rupees ($1.5 billion) for foreign exchange violations related to a probe into the sale of wireless permits. The shares of Etisalat dropped 0.5 percent to 10.90 dirhams.

Qassim Cement (QACCO) Co: The Saudi producer of the building material posted a 6.6 percent rise in second-quarter profit to 144.65 million riyals. The shares were unchanged at 66.5 riyals.

Saudi Investment Bank (SIBC) : The Saudi lender said second-quarter profit soared almost 10 fold to 208 million riyals compared with 22 million in the year-ago period as costs fell. The shares dropped 1.8 percent to 18.65 riyals.

Yanbu Cement (YNCCO) : A Saudi producer of the building material said its second-quarter profit according to preliminary estimates rose 32.7 percent to 150 million riyals from a year earlier. The shares were unchanged at 55.5 riyals.

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

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

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