Bloomberg News

Persian Gulf Stocks: Kuwait Finance House and Zain Decline

September 29, 2011

Sept. 29 (Bloomberg) -- The DFM General Index fell 0.5 percent to 1,431.711, the lowest since March 8, at the 2 p.m. close in Dubai. The measure retreated 2 percent this week, bringing the decline for the third quarter to 5.6 percent. The Kuwait Stock Exchange Unweighted Index slipped 0.3 percent. Saudi Arabia’s market was closed for the weekend.

The following shares were active in the Persian Gulf region. Stock symbols are in parentheses.

Mobile Telecommunications Co. (ZAIN KK) dropped the most since May 15, losing 3.1 percent to 940 fils. Kingdom Holding Co. and Bahrain Telecom Co. (BATELCO BI) abandoned plans to buy a 25 percent stake of the Kuwaiti phone company’s Saudi Arabian unit. Bahrain Telecom, or Batelco, rose 0.5 percent to 0.4 dinar in Manama trading.

Kuwait Finance House (KFIN KK) retreated for the second time this week, falling 1.1 percent to 900 fils. The Kuwait- based financial services company obtained approval for a six- month extension on a 10 percent share buyback.

--Editors: Claudia Maedler, Andrew J. Barden

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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