Mabanee, Saudi Telecom, Taiba, 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.
Mabanee Co. (MABANEE KK): The pre-cast building manufacturer said second-quarter profit rose to 5.8 million dinars ($21 million) from 5.1 million dinars. The shares decreased 1.2 percent to 820 fils.
Medicare Group (MCGS) QSC: The operator of health clinics in Qatar said first-half profit advanced 42 percent to 24.2 million riyals ($6.6 million). The shares increased 1.3 percent to 23.2 riyals.
Mobile Telecommunications Co. (ZAIN KK): The Kuwait company known as Zain posted a 17 percent increase in first-half profit to 140 million dinars as it added customers. The shares were unchanged at 990 fils.
Qatar Islamic Insurance (QISI) Co: The company that offers non-life insurance said first-half profit increased to 33.4 million riyals from 30.1 million riyals the year earlier. The shares slipped 0.2 percent to 52.8 riyals.
Qatar & Oman Investment Co. (QOIS) : The real estate, tourism and financial services investor said first-half profit rose to 12.8 million riyals from 8.6 million riyals the year earlier. The shares advanced 1.1 percent to 8.5 riyals.
Rabigh Refining & Petrochemicals Co. (PETROR) : The petrochemicals company said its high olefins fluidized catalytic cracking unit was started after maintenance work. The shares advanced 1.2 percent to 24.7 riyals.
Saudi Telecom Co. (STC) : The Saudi Arabian phone company was cut to “neutral” from “overweight” at HSBC Holdings Plc with a price estimate of 40 riyals a share. The shares were unchanged at 35.2 riyals.
Riyad Bank (RIBL) : Saudi Arabia’s third-largest publicly traded lender by market value posted a 55 percent decline in provisions for bad loans in the second quarter. The shares advanced 1.6 percent to 24.8 riyals.
Saudi Industrial Investment Group (SIIG) : The investor in petrochemicals projects set up a joint venture with Arabian Chevron Phillips Petrochemical Co. The shares gained 1.4 percent to 22.15 riyals.
Taiba Holding Co. (TIRECO) : The Saudi Arabian property developer said shareholders of its Al Aqeeq Real Estate Development approved a capital reduction to 1.94 billion riyals ($517 million) percent to 17.2 riyals. The shares gained 0.3 percent to 17.2 riyals.
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