Air Arabia, Bank Muscat, Emirates NBD, Qatar Islamic: Gulf Equity Preview
The following stocks may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.
The Saudi benchmark index plunged 4.4 percent, the most in more than a year. The Kuwait Stock Exchange Index retreated 0.9 percent, Qatar’s rebranded QE Index fell 0.6 percent and the Dubai Financial Market General Index decreased 0.1 percent. Oman’s MSM30 Index lost 0.4 percent.
Air Arabia PJSC (AIRARABI UH): The Middle East’s largest low-cost carrier said first-quarter net income fell 51 percent to 50 million dirhams ($13.6 million) as fuel prices rose and it cut fares. The shares were unchanged at 94 fils.
Bank Muscat SAOG (BKMB OM): Oman’s biggest bank by assets said it’s not considering the sale of foreign investments. The shares advanced 0.3 percent to 0.889 rial.
Emirates NBD PJSC (EMIRATES UH): The United Arab Emirates’ biggest bank by assets opened a business banking center in Sharjah. The shares rose 2.4 percent to 3 dirhams.
Oman Investment & Finance Co. (OIFC OM): The utility billing company said it is in talks to buy a stake in National Finance Co. The shares retreated 0.9 percent to 0.325 rial.
Qatar Islamic Bank SAQ (QIBK QD): The Gulf state’s biggest lender complying with Islamic banking rules agreed to provide Shariah-compliant financing for a 300 million-riyal ($82.4 million) residential project in Qatar. The shares fell 0.4 percent to 75.8 riyals.
Weqaya for Takaful Insurance and Reinsurance Co. (WEQAYA AB) will open branches in the Saudi cities of Riyadh, Jeddah and Dammam. The shares declined 9.6 percent to 22.6 riyals.