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Alujain Corp., Zain, Wala’a Insurance: Gulf Equity Preview

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Jan. 23 (Bloomberg) -- The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.

The DFM General Index lost 0.6 percent and Qatar’s QE Index fell 0.2 percent.

Alujain Corp. (ALCO AB): The Saudi Arabian industrial investment company said a failure at a hydrogen unit in a polypropylene plant of its National Petrochemical Industrial Co. would be fixed by midnight. The shares slid 1.1 percent to 23 riyals.

Mobile Telecommunications Co. (ZAIN KK): The Kuwaiti phone company known as Zain started syndicating $1.2 billion of loans for general corporate purposes, two people familiar with the situation said. The shares dropped 1.4 percent to 1,440 fils.

Saudi United Cooperative Insurance Co. (WALAA AB): The Saudi insurer known as Wala’a Insurance will not renew the term of Chief Executive Officer Martin Schweighauser, which expires on Jan. 31. The shares gained 0.6 percent to 17.35 riyals.

To contact the reporters on this story: Zahraa Alkhalisi in Abu Dhabi at zalkhalisi@bloomberg.net

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

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