Bloomberg News

Emaar, Alhokair, Qatar International, Shuaa: Gulf Equity Preview

October 02, 2011

Oct. 2 (Bloomberg) -- The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.

Dubai’s DFM General Index dropped 0.5 percent to 1,431.71, the lowest level since March 8, and Abu Dhabi’s ADX General Index slipped less than 0.1 percent. Saudi Arabia’s Tadawul All Share Index climbed less than 0.1 percent.

(For Middle East Daybook NI GULFDAYBK BN <GO>)

Fawaz Abdulaziz Alhokair & Co. (ALHOKAIR AB): The Saudi Arabian clothing retailer signed a $50 million Islamic loan facility, or murabahah, with the International Finance Corp. to expand its operations outside Saudi Arabia. The shares dropped 1.8 percent to 53.75 riyals.

Emaar Properties PJSC (EMAAR UH): The Dubai developer of the world’s tallest tower said it’s seeking financing options and that details in reports that it plans to raise cash backed by the emirate’s largest shopping mall were wrong. The shares rose 0.7 percent to 2.75 dirhams.

Qatar International Islamic Bank (QIIK QD): The country’s third-largest Islamic bank by assets hired Qatar National Bank, the Islamic unit of HSBC Holdings Plc and Standard Chartered Plc for the sale of its first sukuk. The bank plans to sell a five- year, benchmark-size dollar sukuk “when market conditions permit,” according to Chief Financial Officer Edward Wong. The shares dropped 1.3 percent to 53.30 riyals.

Shuaa Capital PSC (SHUAA UH): The investment bank controlled by Dubai’s ruler said it appointed Michael Philipp to its board. The shares tumbled 3.6 percent to 74.9 fils.

--With assistance from Zahra Hankir in Dubai. Editor: Shaji Mathew

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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