Bloomberg News

Persian Gulf Stocks: Al-Ola, Gulf International, National Gypsum

October 16, 2011

Oct. 16 (Bloomberg) -- The DFM General Index retreated to the lowest level since March 3, dropping 0.7 percent to 1,374.61 at the 2 p.m. close in the emirate. Saudi Arabia’s Tadawul All Share Index fell 0.5 percent.

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

First Investment Co. (ALOLA KK) rallied the most in more than six months, gaining 5.3 percent to 99 fils. The Kuwaiti Islamic finance company known as Al-Ola signed an agreement with its creditors to restructure 92 million dinars ($333 million) of debt. The stock traded for the first time since Aug. 14.

Gulf International Services (GISS QD) retreated the most in more than two months, falling 2.8 percent to 24.02 riyals. The Qatari oil and gas services company said nine-month profit dropped to 187 million riyals ($51 million) from 358.6 million riyals a year earlier.

National Gypsum Co. (NGCO AB) declined the most since April 2, losing 3.6 percent to 26.8 riyals. The Saudi Arabian maker of building materials reported a 60 percent drop in third-quarter profit to 4.3 million riyals ($1.1 million).

National Shipping Co. of Saudi Arabia (NSCSA AB) slumped the most in more than two months, sinking 4.7 percent to 11.25 riyals. The operator of crude oil and chemical tankers posted a 76 percent drop in third-quarter profit to 23.4 million riyals.

--Editors: Claudia Maedler, Shaji Mathew

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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