Bloomberg News

Persian Gulf Stocks: Emaar Properties and Shuaa Capital

October 02, 2011

Oct. 2 (Bloomberg) -- The DFM General Index dropped to the lowest since March 8, falling 0.1 percent at the 2 p.m. close in Dubai. The Kuwait Stock Exchange Unweighted Index rose 0.1 percent, while Saudi Arabia’s Tadawul All Share Index dropped less than 0.1 percent.

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

Emaar Properties PJSC (EMAAR UH) retreated for the second time in three days, losing as much as 1.1 percent to 2.72 dirhams before closing at 2.74 dirhams. 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.

Shuaa Capital PSC (SHUAA UH) gained the most in more than a month, climbing 5.5 percent to 79 fils after four trades on the stock were made. The investment bank controlled by Dubai’s ruler said it appointed Michael Philipp to its board.

--Editors: Shaji Mathew, Shanthy Nambiar

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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