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Arab National Bank, Yamamah Cement: Persian Gulf Equity Preview

July 13 (Bloomberg) -- The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.

Abu Dhabi’s ADX General Index dropped 0.4 percent and Qatar’s QE Index lost 0.9 percent. Dubai’s DFM General Index slumped 1 percent.

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

Arab National Bank (ARNB AB): Saudi Arabia’s sixth-largest publicly traded lender by assets said second-quarter profit rose to 696.7 million riyals ($185.8 million) from 629.4 million riyals a year earlier. The shares declined 0.7 percent to 29 riyals.

Banque Saudi Fransi (BSFR AB): The Saudi Arabian lender part-owned by Credit Agricole SA said second-quarter profit increased to 773 million riyals from 757 million riyals a year earlier. The shares fell 1.9 percent to 42.5 riyals.

Dubai Islamic Bank PJSC (DIB UH): Credit Suisse Group AG cut its share-price estimate for the United Arab Emirates’ biggest bank complying with Shariah rules to 2.32 dirhams from 3.17 dirhams. The shares retreated 1.5 percent to 2.02 dirhams.

Emirates NBD PJSC (EMIRATES UH): The U.A.E.’s biggest bank by assets had its price estimate raised to 4.8 dirhams from 3.8 dirhams at Credit Suisse. The shares dropped 0.5 percent to 4.22 dirhams.

Emirates Telecommunications Corp. (ETISALAT UH): The U.A.E.’s biggest phone company said the proceedings served on Etisalat DB are “wholly baseless.” The shares rose 0.5 percent to 10.9 dirhams.

First Gulf Bank PJSC (FGB UH): The U.A.E. lender controlled by Abu Dhabi’s ruling family had its price estimate cut to 25 dirhams from 28 dirhams at Credit Suisse. The shares declined 1.4 percent to 17.75 dirhams.

Saudi British Bank (SABB AB): The lender 40 percent owned by HSBC Holdings Plc said second-quarter profit climbed to 852 million riyals from 447 million riyals a year earlier. The shares slumped 1.2 percent to 41.5 riyals.

Union National Bank PJSC (UNB UH): The company whose shareholders include the governments of Abu Dhabi and Dubai had its price estimate cut to 4.5 dirhams from 5.15 dirhams at Credit Suisse. The shares were unchanged at 3.6 dirhams.

Yamamah Saudi Cement Co. (YACCO AB): The Saudi Arabian maker of building material said second-quarter profit rose to 220 million riyals from 192 million in the year-ago period. The shares slipped 0.4 percent to 61 riyals.

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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