Emaar and Qatar National Bank: Persian Gulf Equity Preview
The following companies may be active in Persian Gulf stock markets. Symbols are in parentheses and prices are from the last close.
Dubai’s DFM General Index (DFMGI) dropped 1.4 percent to the lowest since March 7. Saudi Arabia’s Tadawul All Share Index (SASEIDX) lost 1 percent and Abu Dhabi’s ADX General Index (ADSMI) decreased 0.9 percent.
BankMuscat SAOG (BKMB) : The viability rating of Oman’s biggest bank by assets was cut to bbb from bbb+ at Fitch Ratings. The long-term issuer default rating was affirmed at A- with a stable outlook. The shares slipped 0.8 percent to 0.659 rial.
Emaar Properties PJSC (EMAAR) : The developer of the world’s tallest skyscraper had its price estimate cut to 3 dirhams from 3.50 dirhams at Rasmala “on weak international handovers.” The rating was maintained “buy.” The shares slumped 3 percent to 2.56 dirhams.
Qatar National Bank SAQ (QNBK) : The country’s biggest bank by assets plans to announce third-quarter results today. The median estimate of three analysts is for a profit of 1.78 billion riyals ($449 million), according to data compiled by Bloomberg. The shares slumped 1.8 percent to 139.5 riyals.
Qatar Telecom QSC (QTEL QD): The Persian Gulf country’s biggest company by revenue will invest 200 million riyals in a long-term evolution, or LTE, network to deliver fourth- generation services in Qatar. The shares lost 0.1 percent to 146.8 riyals.
National Shipping Co. of Saudi Arabia (NSCSA AB): The Saudi operator of crude oil and chemical tankers said a unit received a tanker, the income of which will affect fourth-quarter earnings. The shares dropped 1.3 percent to 11.55 riyals.
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