Abu Dhabi Commercial, NBAD, Kipco: Persian 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.
Abu Dhabi Islamic Bank (ADIB) and National Bank of Abu Dhabi PJSC (NBAD) : The two United Arab Emirates lenders said they completed the “first ever” Islamic repurchase deal in the Gulf region. Abu Dhabi Islamic shares fell 0.3 percent to 3.31 dirhams, while National Bank of Abu Dhabi, also known as NBAD, climbed 0.9 percent to 11.30 dirhams.
Abu Dhabi Commercial Bank (ADCB UH): The United Arab Emirates’ third-biggest bank by assets reported second-quarter net income of 1.34 billion dirhams ($364.8 million) compared with a 531 million-dirham loss a year earlier. The average estimate of seven analysts was for profit of 1.2 billion dirhams, according to data compiled by Bloomberg. The bank said it plans to seek approval from shareholders and regulators to buy back as much as 10 percent of its stock. The shares rose 2 percent to 3.11 dirhams when they last traded on Aug. 1.
Kuwait Projects Co. (KPROJ KK): Kuwait’s biggest privately owned investment company, which is also called Kipco, said first-half profit quadrupled because of increased growth in commercial banking and insurance. The shares rose 1.4 percent to 355 fils.
To contact the reporter on this story: Alaa Shahine in Dubai at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Maedler at email@example.com