National Bank of Oman, NBK and Saudi Industrial: Gulf Arab 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.
Dubai’s DFM General Index dropped 0.4 percent, the most since June 6, and Abu Dhabi’s ADX General Index lost 0.3 percent. Bahrain’s gauge increased 0.4 percent, while the Kuwait Stock Exchange Index retreated 1.3 percent. Saudi Arabia’s Tadawul All Share Index gained 1.2 percent to 6,340.03, the highest in more than three weeks.
Kuwait Finance and Investment Co. (KFIC KK): The investment banking and asset management firm said Chief Executive Officer Sanaa Alaa Eddin Jumaa has resigned. The shares rose 6.3 percent to 85 fils when they last traded on June 10.
National Bank of Kuwait SAK (NBK KK): The nation’s largest lender said its 33 million-dinar ($114 million) Islamic fund was fully subscribed on the first day of the offering. The shares retreated 1.7 percent to 1,160 fils.
Saudi Industrial Development Co. (SIDC AB): The investor in Jeddah-based companies said it lost a court ruling over the ownership of 800,000 Yanbu National Petrochemicals Co. (YANSAB AB) shares to a local charity.
Separately, the company said it signed an agreement with Industrial Development Fund to reschedule a 67.9-million riyal ($18 million) loan. Saudi Industrial shares were unchanged at 8.6 riyals. Yanbu National shares advanced 1.5 percent to 40 riyals.
United Gulf Bank (UGB BI): The Bahrain-based investment bank’s Baa3 long-term foreign currency deposit rating was placed on review for possible downgrade by Moody’s Investors Service. The shares were unchanged at 0.31 dinar when they last traded on May 26.