Aman, Abu Dhabi Commercial, Aldar Properties, Mannai: 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.
Qatar’s QE Index gained 0.2 percent, Oman’s MSM30 Index advanced 0.5 percent and Saudi Tadawul All Share Index rose 0.3 percent. The Kuwait’s benchmark index retreated 0.2 percent, while Abu Dhabi’s measure slid 0.1 percent.
Abu Dhabi Commercial Bank PJSC (ADCB UH): The United Arab Emirates’ third-biggest bank by assets reported a first-half loss of 306 million dirhams ($83.3 million) after a profit of 657 million dirhams a year earlier. The bank had a loss of 531 million dirhams in the second quarter as it set aside money to cover loans to Dubai World. The shares declined 0.6 percent to 1.67 dirhams when they last traded on July 28.
Abu Dhabi National Takaful Co. (TKFL UH): The Islamic insurance and reinsurance provider reported a second-quarter profit of 3.47 million dirhams after a loss of 16.7 million dirhams a year earlier. The shares jumped 9.9 percent to 4.01 dirhams when they last traded on July 25.
Aldar Properties PJSC (ALDAR UH): Abu Dhabi’s biggest real- estate developer reported its third consecutive quarterly loss, missing estimates, as property sales declined. Second-quarter loss was 475.3 million dirhams, according to Bloomberg calculations based on half-year data from Aldar.
Separately, Standard & Poor’s Ratings Services lowered its long-term issuer credit rating on Aldar to “BB-” from “A-” with negative outlook. The shares climbed 0.4 percent to 2.46 dirhams.
Dubai Islamic Insurance & Reinsurance Co. (AMAN UH): The insurer known as Aman reported a second-quarter loss of 3.2 million dirhams after a profit of 9.7 million dirhams a year earlier. The shares gained 2.5 percent to 72.9 fils.
Mannai Corp. (MCCS QD): The Qatari retailer of electronics, durables and vehicles plans to make an acquisition outside the Gulf Arab state. The shares were unchanged at 124 riyals.