Al Ahlia, Emaar, Taqa, Etisalat, Zain, NBAD: 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.
Al-Ahlia Cooperative Insurance (ALAHLIA AB): The Saudi insurer appointed Sami Bin Ezzat Al-Ali as chief executive officer. The shares rose 1.2 percent to 50.50 riyals.
Abu Dhabi National Energy Co. (TAQA UH): The government- controlled utility known as Taqa received an "A" rating from Standard & Poor’s based on the company’s strong state backing. The shares retreated 0.7 percent to 1.44 dirhams.
Emaar Properties PJSC (EMAAR UH): The United Arab Emirates’ biggest property developer said it identified "better and viable" options than converting debt into equity in Amlak Finance PJSC. The shares rose 0.9 percent to 3.55 dirhams.
Emirates Telecommunications Corp. (ETISALAT UH): The United Arab Emirates’ biggest phone company may buy about 40 percent of Kuwait’s Zain (ZAIN KK), less than earlier planned, according to two people with knowledge of the talks. Etisalat was unchanged at 10.85 dirhams. Zain retreated 1.3 percent to 1,520 fils.
Galfar Engineering & Contracting SAOG (GECS OM): The Omani construction company won a 10.1 million-rial ($26.2 million) government contract to develop a courts complex in Nizwa. The shares retreated 0.4 percent to 0.563 rial.
National Bank of Abu Dhabi PJSC (NBAD UH): The U.A.E.’s second-largest lender by assets sold 500 million ringgit of 10- year Islamic notes with a coupon of 4.9 percent. The shares were unchanged at 11.95 dirhams.
Rabigh Refining & Petrochemical Co. (PETROR AB): The joint venture between Sumitomo Chemical Co. and Saudi Aramco will start operations at two polyethylene units next week after completing maintenance and cleaning. The shares advanced 0.9 percent to 22.6 riyals.
Saudi Arabian Cooperative Insurance Co. (SAICO AB): The Saudi Islamic insurer known as Saico will raise its capital by 150 million riyals ($40 million) through a rights issue. The shares rose 0.9 percent to 34 riyals.
To contact the editor responsible for this story Shaji Mathew at email@example.com