Agility, Riyad Bank, Saudi Electricity, Saudi Hotels: Gulf Equity Preview
The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.
The Dubai Financial Market General Index increased the most this month, jumping 3.4 percent to 1,824.97. Abu Dhabi’s measure gained 0.9 percent while Saudi Arabia’s Tadawul All Share Index climbed 0.4 percent. The Kuwait Stock Exchange Index slid 0.2 percent and Bahrain’s measure declined 2.3 percent.
Advanced Petrochemicals Co. (APPC AB): The Saudi petrochemicals maker posted a 23 percent increase in first- quarter profit compared to the year-earlier period as prices of products improved. Profit rose to 52.6 million riyals ($14 million). The shares advanced 3.4 percent to 24.3 riyals.
Agility (AGLTY KK): The Middle East’s largest logistics company posted a 22 percent rise in fourth-quarter profit to 40.9 million dinars. Separately, the company said there was no guarantee it would reach a settlement with the U.S. government over overbilling charges. The shares jumped 1.7 percent to 600 fils when they last traded on March 31.
National Bank of Bahrain (NBB BI): Bahrain’s oldest commercial lender posted a decline in first-quarter profit to 13.22 million dinars from 13.7 million in the year-earlier period. The shares were unchanged at 59.5 cents.
Saudi Hotels & Resorts Areas Co. (SHARCO AB): The operator of hotels and housing compounds in the kingdom said first- quarter profit rose 10 percent to 31.1 million riyals ($8 million) on income from a new project. The shares rose 0.7 percent to 31 riyals.
Saudi Electricity Co. (SECO AB): The state-controlled power producer received the market regulator’s approval to sell Islamic bonds, or sukuk. The value of the bonds will be determined at a later stage by the company, according to a statement on the Saudi bourse. The shares declined 0.9 percent to 11.50 riyals.
Riyad Bank (RIBL AB): Saudi Arabia’s third-largest lender by market value posted a 55 percent increase in first-quarter profit. Net income climbed to 684 million riyals from 441 million riyals a year earlier, the bank said in a statement. The shares lost 0.6 percent to 31 riyals.
To contact the reporter on this story: Zahra Hankir in Dubai at firstname.lastname@example.org