Emaar, Etisalat, Qatar Islamic Bank, Zain: Gulf Equity Preview

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

The Dubai Financial Market General Index slipped 1.1 percent, Qatar’s gauge fell 0.3 percent and Abu Dhabi’s measure retreated 0.2 percent.

Abu Dhabi National Energy Co. (TAQA UH): The state-run utility known as Taqa is in talks with banks to raise about $3 billion of loans to refinance an existing credit line, according to four people with knowledge of the negotiations. The shares were unchanged at 1.33 dirhams.

Ajman Bank PJSC (AJMANBAN UH): The United Arab Emirates- based Islamic bank appointed Akram Khan as head of corporate banking division. The shares declined 1.3 percent to 80.9 fils.

Emaar Properties PJSC (EMAAR UH): The U.A.E.’s biggest publicly traded real-estate developer said its five-year convertible note sale received more than $3 billion in bids.

Separately, the company’s Indian unit Emaar MGF Land Ltd. reduced the size of a proposed initial public offering to 16 billion rupees ($356 million), two people with direct knowledge of the matter said. Emaar shares lost 1.8 percent to 3.73 dirhams.

IFA Hotels & Resorts Ltd. (IFAHR KK): The company said it had a full-year loss of 19.5 million dinars ($68.5 million). The shares rose 9.3 percent to 590 fils.

Mobile Telecommunications Co. (ZAIN KK): Majority shareholders at the phone company known as Zain were said to have approved an offer from Emirates Telecommunications Corp. (ETISALAT UH) for 46 percent of the Kuwaiti company.

Separately, Fitch Ratings said Etisalat’s ratings will likely not be affected by the Zain purchase. Zain shares soared 7.9 percent to 1,360 fils when they last traded in Kuwait on Sept. 29. Etisalat shares fell 0.5 percent to 10.75 dirhams.

National Bank of Abu Dhabi PJSC (NBAD UH): The second-biggest bank in the U.A.E. was rated new “buy” and assigned a price estimate of 15.9 dirhams at Naeem Holding. The shares retreated 0.4 percent to 11.75 dirhams.

Qatar Islamic Bank SAQ (QIBK QD): The Gulf state’s biggest Shariah-compliant lender raised $750 million by selling five-year Islamic bonds that were priced to yield 237.5 basis points above similar maturity midswap, according to terms of the offer obtained by Bloomberg. The shares fell 0.1 percent to 81.9 riyals.

Qatar National Bank SAQ (QNBK QD): The Persian Gulf country’s biggest lender by assets may buy a stake of as much as 82 percent in Indonesia’s PT Bank Kesawan through a rights offer in the first quarter of 2011, Kesawan said in a statement published in Bisnis Indonesia Oct. 1. The shares lost 1.3 percent to 152.5 riyals.

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