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Ahli Bank, Emaar, United Gulf Bank: Persian Gulf Equity Preview

Aug. 14 (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 the most since March, adding 1.9 percent to 6,155.88. Dubai’s DFM General Index gained 0.2 percent, while Abu Dhabi’s ADX General Index fell 0.5 percent.

Ahli Bank SAOG (ABOB OM): The Omani lender’s long-term foreign currency issuer default rating was affirmed at BBB+ with a stable outlook by Fitch Ratings. The shares dropped 0.8 percent to 0.250 rial.

Bank Dhofar SAOG (BKDB OM): The Omani lender’s long-term issuer default rating was affirmed at BBB+ with a stable outlook by Fitch Ratings. The shares strengthened 1.3 percent to 0.558 rial.

Drake & Scull International PJSC (DSI UH): The United Arab Emirates construction company said second-quarter profit jumped 22 percent to 55 million dirhams ($15 million) from 45 million dirhams a year earlier. The shares lost 0.6 percent to 89.5 fils.

Emaar Properties PJSC (EMAAR UH): The developer of the tallest tower in Dubai said revenue from apartment sales plunged 85 percent in the second quarter amid weak property demand in the Persian Gulf emirate. The shares decreased 1.1 percent to 2.76 dirhams.

Union Properties PJSC (UPP UH): Dubai’s second-biggest developer by assets said first-half loss widened to 439 million dirhams from 299 million dirhams a year earlier. The shares rose 3.5 percent to 38.3 fils.

United Gulf Bank (UGB BI): The asset management and investment banking arm of Kipco Group said second-quarter profit dropped 65 percent to $8.5 million. The shares tumbled 9.9 percent to 0.308 dinar when they last traded on Aug. 7.

-- With assistance from Zahra Hankir in Dubai. Editors: Claudia Maedler, Shaji Mathew

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net.

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

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