Al-Khalij, Arabtec, Dana Gas, DFM, Boubyan Bank, NBO: Gulf Equity Preview
The following stocks may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.
Abu Dhabi Commercial Bank PJSC (ADCB UH): The third-largest lender in the United Arab Emirates by assets said it completed the acquisition of the U.A.E. business of the Royal Bank of Scotland Group Plc. The shares increased 0.4 percent to 2.51 dirhams.
Al-Khalij Holding (KHCD QD): The Qatari holding company said its nine-month profit dropped 46 percent to 33.5 million riyals ($9.2 million). The shares declined 0.7 percent to 14.8 riyals.
Arabtec Holding Co. (ARTC UH): The biggest publicly listed builder in the U.A.E. and Egypt’s Amer Group will set up a contracting company in Egypt, Mansour Amer, chairman and chief executive officer of Amer Group said in Cairo on Oct. 14. The shares slipped 0.9 percent to 2.28 dirhams.
Boubyan Bank KSC (BOUBYAN KK): The Kuwaiti lender is studying the possibility of exiting many foreign investments in the “long-term” as it seeks to increase its focus on banking operations and hold on to a “few profitable foreign investments,” Vice Chairman Adel Abdul Wahab Al-Majed told CNBC Arabiya TV channel. The shares decreased 3 percent to 640 fils.
Dubai Financial Market (DFM UH): Goldman Sachs Group Inc. is in the final stages of completing a study to merge the Dubai Financial Market and the Abu Dhabi Securities Exchange, Al Bayan reported, without saying where it got the information. The shares retreated 1.1 percent to 1.82 dirhams.
National Bank of Oman SAOG (NBOB OM): The sultanate’s second-biggest bank by assets said nine-month profit rose 11 percent to 21.7 million rials ($56.3 million). The shares advanced 0.3 percent to 0.35 rial.
Saudi Ceramic Co. (SCERCO AB): The maker of bathroom fixtures and electric water heaters said third-quarter profit declined 13 percent to 46.2 million riyals from a year-earlier as sales fell. The shares lost 2.3 percent to 139 riyals.
Southern Province Cement Co. (SOCCO AB): The largest cement producer in Saudi Arabia posted a 16 percent decline in third quarter profit to 119 million riyals from a year earlier. The shares increased 0.4 percent to 65.25 riyals.
To contact the editor responsible for this story: Claudia Maedler in Dubai at firstname.lastname@example.org