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Gulf Finance, QNB, Red Sea Housing, Zain: Gulf Equity Preview

The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.

Dubai’s DFM General Index rose 0.3 percent to 1,472.33 and Saudi Arabia’s Tadawul All Share Index climbed 0.5 percent. Abu Dhabi’s measure advanced 0.2 percent, Kuwait’s gauge was little changed at 6,319.7 and the Bloomberg GCC 200 Index increased 0.7 percent.

Gulf Finance House EC (GFH KK): The Bahrain-based investment bank said it is close to an agreement to extend the maturity of a $100 million Islamic loan by three years. Separately, Group Chief Executive Officer Ted Pretty said the company will start an Islamic finance subsidiary with an initial asset base of $200 million in the third quarter of this year. The shares fell 7.7 percent to 35 fils in Kuwait trading. Gulf Finance is cross-listed on the Bahraini and Dubai bourses.

Mobile Telecommunications Co. (ZAIN KK): The Kuwaiti phone company known as Zain was cut to “underperform” from “market perform” with a price estimate of 919 fils at Al Mal Capital PSC. The shares were unchanged at 1,080 fils.

Oman & Emirates Investment Holding Co. (OEIO OM): The Oman-based investment firm will buy a 5 percent stake in Oman Fiber Optics at 4.4 rials a share, boosting its holding to 20.9 percent. Oman & Emirates rose 2 percent to 0.2 rial.

Qatar National Bank (QNBK QD): The Gulf country’s biggest lender by assets will release earnings today. The average estimate of six analysts was for a 24 percent increase in second-quarter profit to 1.31 billion riyals ($360 million), according to Bloomberg data. The shares advanced 1.9 percent to 134.2 riyals.

RAK Properties PJSC (RAKPROP UH): The developer that built Ras Al Khaimah’s first man-made islands signed a mortgage financing deal with Commercial Bank International for the Mina Al Arab project. The shares were unchanged at 36 fils.

Red Sea Housing Services Co. (REDSEA AB): The Saudi Arabian company that provides ready-made housing units for the oil industry said it was fined 41 million riyals ($11 million) by an Algerian court and that it has appealed the ruling. The shares gained 1 percent to 50.75 riyals.

Shuaa Capital PSC (SHUAA UH): The United Arab Emirates’ biggest investment bank appointed Walid Shihabi as the chief executive officer of its brokerage division. Shihabi will replace Mohammed Ali Yasin at Shuaa Securities in September. The shares were unchanged at 1.01 dirhams.

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