Emirates NBD, Sorouh, Gulf Bank, Al Khalij Holding: Gulf Equity Preview
The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.
Al-Khalij Holding (KHCD QD): The Qatari holding company said first-half profit dropped 46 percent to 31.7 riyals ($8.7 million). The shares retreated 1.3 percent to 15.2 riyals.
Dubai Financial Market (DFM UH): The only Gulf Arab stock market to sell shares to the public was downgraded to “neutral” from “outperform” at Credit Suisse Group AG, with a price estimate of 1.40 dirhams. The shares were unchanged at 1.47 dirhams.
Emirates NBD is evaluating acquisition opportunities in the Middle East, Pudner said. He expects state-owned Dubai World to reach an agreement on a debt restructuring plan by September. The shares advanced 0.8 percent to 2.5 dirhams.
Gulf Bank KSC (GBK KK): The Kuwaiti lender reported a second-quarter profit after a loss in the year-earlier period as it sold part of its international investment assets. Net income was 1.5 million dinars ($5 million), according to Bloomberg calculations based on the subtraction of first-quarter earnings from half-year results provided by the company today. The shares rose 2.3 percent to 440 fils.
Sharjah Cement & Industrial Development Co. (SCIDC UH): The U.A.E. maker of building materials reported a second-quarter loss of 3.27 million dirhams ($890,000) after a profit of 52.4 million dirhams in the year-earlier period. The shares surged 9.9 percent to 1.11 dirhams.
Sorouh Real Estate PJSC (SOROUH UH): Abu Dhabi’s second- biggest property developer by market value posted a 79 percent decline in second-quarter profit, missing analysts’ estimates. The shares increased 2.8 percent 1.81 dirhams.