Persian Gulf Stocks: Drake & Scull, Saudi Electricity, NBAD
The following shares were active in the Persian Gulf region. Stock symbols are in parentheses.
Drake & Scull International PJSC (DSI) snapped a two-day decline, rising 1 percent to 1.02 dirhams. The Dubai-based construction company said a unit won an 135 million-dirham ($37 million) contract in Jeddah, Saudi Arabia.
National Bank of Abu Dhabi PJSC (NBAD UH) advanced for a second time in three days, gaining 0.8 percent to 12.1 dirhams. The United Arab Emirates’ second-biggest bank will raise $750 million from a sale of dollar bonds, according to three people familiar with the plan. The five-year securities may be priced to yield 190 basis points over the midswap rate, they said.
Saudi Electricity Co. (SECO) climbed for a third day, rising as much as 3.2 percent before closing 0.3 percent higher at 15.85 riyals. The state-controlled power producer hired Deutsche Bank AG and HSBC Holdings Plc to arrange meetings with investors in the Middle East, Asia and Europe, according to three bankers familiar with the plan. The utility may sell an Islamic bond depending on market conditions, the bankers said.
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