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ADCB, Almarai, First Gulf Bank: Persian Gulf Equity Preview

June 22 (Bloomberg) -- The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.

Saudi Arabia’s Tadawul All Share Index rose 1.3 percent while Dubai and Kuwait measures climbed 0.4 percent. Abu Dhabi’s ADX General Index decreased 0.9 percent.

(For Middle East Daybook NI GULFDAYBK BN <GO>)

Almarai Co. (ALMARAI AB): Saudi Arabia’s largest food producer by market value said its board approved investing 4 billion riyals ($1 billion) in poultry business, doubling an initial allocation of 2 billion riyals. The shares advanced 0.3 percent to 92.25 riyals.

Abu Dhabi Commercial Bank PJSC (ADCB UH): The United Arab Emirates third-largest bank by assets had its long- and short-term ratings raised to A/A-1 from A-/A-2 by Standard & Poor’s, which cited “improved capitalization” following its agreement to sell its stake in RHB Capital Bhd. The shares slumped 4.1 percent to 3.07 dirhams.

Commercial Real Estate Co. (ALTIJARI KK): The Kuwaiti property developer said it sold land for 34.4 million dinars ($125 million) and made a profit of 29.2 million dinars from the transaction. The shares declined 2.8 percent to 70 fils when they last traded June 20.

First Gulf Bank PJSC (FGB UH): The U.A.E. lender controlled by Abu Dhabi’s ruling family said its board approved raising foreign ownership limit to 25 percent from 15 percent. The shares decreased 1.9 percent to 17.65 dirhams.

National Bank of Kuwait (NBK KK): Kuwait’s biggest lender had its ratings lowered at Moody’s Investors Services because of concerns about pressure on asset quality and weaker credit conditions in the country. The shares gained 1.7 percent to 1,180 fils.

United Gulf Bank BSC (UGB BI): The asset management and investment banking unit of Kipco Group repaid a three-year $115 million syndicated-loan facility that matured on June 16. The shares closed at 0.42 dinar.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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