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Gulf Equity Preview: Gulf General Investments, Renaissance

Aug. 16 (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 0.3 percent, while Dubai’s DFM General Index declined 0.6 percent. Abu Dhabi’s ADX General Index was little changed.

Gulf Cable and Electrical Industries Co. (CABLE KK): The Kuwaiti maker of electrical equipment said second-quarter profit jumped 39 percent to 26.5 million dinars ($97 million). The shares advanced 2.7 percent to 1,500 fils.

Gulf General Investments Co. (GGICO UH): The Dubai-based investment company said it defaulted on the repayment of 513.5 million dirhams ($139.8 million) in bank loans as of June 30. The shares rallied 7 percent to 28.9 fils when they last traded Aug. 11.

Kuwait & Gulf Link Transport Co. (KGL KK): The cargo shipper posted a second-quarter loss of 3.9 million dinars after a profit of 1.1 million dinars a year earlier. The shares climbed 1.8 percent to 112 fils.

Renaissance Services SAOG (RNSS OM): The Omani provider of services to the oil and gas industry was cut to “neutral” from “buy” with a 12-month price estimate of 0.68 rial at EFG-Hermes Holding SAE. The shares tumbled 10 percent to 0.621 rial.

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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