Bloomberg News

Persian Gulf Stocks: Industries Qatar, Kuwait Projects, Sabic

November 01, 2011

Nov. 1 (Bloomberg) -- Dubai’s DFM General Index dropped 1.8 percent, the most since Aug. 9, to 1,382.71 at the 2 p.m. close in the emirate. Abu Dhabi’s ADX General Index slipped 0.2 percent and Saudi Arabia’s Tadawul All Share Index lost 1.1 percent.

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

Industries Qatar QSC (IQCD QD), the Middle East’s second- biggest petrochemicals company, slumped the most in more than a month, losing 1.7 percent to 130.1 riyals. Saudi Basic Industries Corp. (SABIC AB), the world’s largest petrochemicals maker, fell 1.8 percent to 94.75 riyals. Crude for December delivery dropped below $90 a barrel for the first time in a week in New York.

Kuwait Projects Co. (KPROJ KK) slumped the most in more than two years, tumbling 7.1 percent to 325 fils. The country’s biggest privately owned investment firm posted a 73 percent drop in third-quarter earnings to 7.1 million dinars ($25.8 million) after the Kuwaiti market closed.

Union National Bank PJSC (UNB UH) fell to the lowest level in almost seven months, losing 2 percent to 2.94 dirhams. The United Arab Emirates-based state-controlled lender may sell a five-year dollar-denominated benchmark-size bond, according to two bankers familiar with the transaction.

--With assistance from Ahmed A Namatalla in Cairo. Editors: Susan Lerner, Claudia Maedler

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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