Abu Dhabi National, Emirates NBD, Julphar, Sahara: 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.
Dubai’s DFM General Index dropped 0.7 percent to 1,757.19, bringing the decline this month to 4.7 percent. Saudi Arabia’s Tadawul All Share Index rose for a fourth day, gaining 0.5 percent to 6,929.4, the highest since September 2008. Oman’s MSM30 Index increased less than 0.1 percent, while Abu Dhabi’s gauge retreated 0.4 percent.
Abu Dhabi National Co. for Building Materials PJSC (BILDCO UH): The supplier of steel, cement and hardware to construction companies said first-quarter profit fell to 9.2 million dirhams ($2.5 million) from 16.8 million dirhams the year earlier. The shares retreated 4 percent to 1.92 dirhams when they last traded on April 13.
Emirates NBD PJSC (EMIRATES UH): The bank’s non-performing loan ratio “will peak somewhere around the 3 percent range” by the middle of this year or in the third quarter, Chief Financial Officer Sanjay Uppal said in a conference call.
Separately, Chief Executive Officer Rick Pudner said the lender expects a resolution to Dubai World’s debt restructuring in a “few weeks.” The shares rose 1.7 percent to 2.95 dirhams.
Gulf Pharmaceutical Industries (JULPHAR UH): The company also known as Julphar said first-quarter profit increased 12 percent to 45.4 million dirhams. The shares gained 6.5 percent to 2.13 dirhams.
Sahara Petrochemical Co. (SPC AB): The Saudi Arabian chemicals maker and National Gas & Industrialization Co. (NGIC AB) said their joint venture signed an agreement with Evonik Industries AG for an 80,000 tons a year polymers plant. Sahara rose 4.3 percent to 25.5 riyals and National Gas gained 0.9 percent to 22.5 riyals.
To contact the reporter on this story: Zahra Hankir in Dubai at firstname.lastname@example.org