Bloomberg News

Persian Gulf Stocks: Emaar, Jarir Marketing, National Shipping

October 05, 2011

Oct. 5 (Bloomberg) -- Saudi Arabia’s Tadawul All Share Index increased 0.6 percent at the 3:30 p.m. close in Riyadh, trimming the decline for the week to 1.8 percent. The DFM General Index slipped 0.2 percent and Abu Dhabi’s ADX General Index lost 0.3 percent.

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

Emaar Properties PJSC (EMAAR UH) slumped to the lowest level since March, losing 1.2 percent to 2.53 dirhams. 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 stock recommendation was maintained at “buy.”

Jarir Marketing Co. (JARIR AB) rose to the highest since July 3, climbing 2.9 percent to 178 riyals. Saudi Arabia’s largest stationery and bookseller by market value said third- quarter profit rose 48 percent to 152 million riyals ($40.5 million) on higher sales.

National Shipping Co. of Saudi Arabia (NSCSA AB) advanced for a second day this week, gaining 1.3 percent to 11.7 riyals. The Saudi operator of crude oil and chemical tankers said a unit received a tanker, the income from which will affect fourth- quarter earnings.

--Editors: Chris Peterson, 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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