Bloomberg News

Persian Gulf Stocks: Kuwait Finance House, Union Properties

November 15, 2011

Nov. 15 (Bloomberg) -- Abu Dhabi’s ADX General Index declined 0.3 percent, the most since Nov. 3, to 2,480.07 at the 2 p.m. close in the emirate. Dubai’s DFM General Index was little changed and Saudi Arabia’s Tadawul All Share Index slipped 0.1 percent at 2:50 p.m. in Riyadh.

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

Kuwait Finance House (KFIN KK), the country’s largest Islamic lender, surged the most in almost two weeks, advancing 2.3 percent to 910 fils. Al Rai reported that Al-Rajhi Bank (RJHI AB) of Saudi Arabia is seeking to buy a stake of at least 15 percent. Al Rajhi shares rose 0.4 percent to 69 riyals.

Renaissance Services SAOG (RNSS OM) slumped the most in almost three months, decreasing 5.7 percent to 0.575 rial. The Oman-based provider of services to the oil and gas industry said nine-month profit tumbled 81 percent to 3.4 million rials ($8.8 million) from a year ago.

Union Properties PJSC (UPP UH) decreased to the lowest since Oct. 26, dropping 1 percent to 30.3 fils. The Dubai-based developer reported a record quarterly loss of 1.06 billion dirhams ($289 million) as costs rose after property prices in the Persian Gulf emirate slumped.

--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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