Bloomberg News

Persian Gulf Stocks: Aldar, Sorouh, Raysut Cement, Galfar

November 17, 2011

Nov. 17 (Bloomberg) -- Abu Dhabi’s benchmark ADX General Index fell to the lowest since Oct. 27, declining 0.1 percent to 2,473.57 at the 2:00 p.m. close, extending its loss for the week to 0.2 percent. Oman’s measure retreated 0.2 percent today.

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

Aldar Properties PJSC (ALDAR UH) lost the most since Nov. 1, declining 1.9 percent to 1.03 dirhams. Sorouh Real Estate Co. (SOROUH UH) slid 1 percent to 97 fils. MSCI Inc. will remove the Abu Dhabi property developers from its frontier market index as part of a semi-annual review, two bankers familiar with the changes, who asked not to be identified because the information was only provided to MSCI clients, said yesterday.

Oman Cement Co. (OCOI OM), Raysut Cement Co. (RCCI OM) and National Investments Co. (NINV KK) will also be removed Nov. 30, the bankers said after markets closed yesterday. Oman Cement plunged as much as 3.4 percent before closing unchanged. Raysut fell 2.4 percent. National Investments declined 1 percent.

Manuel Rensink, MSCI’s head of Middle East and North Africa, declined to comment when contacted by Bloomberg News yesterday.

Galfar Engineering & Contracting SAOG (GECS OM) advanced 2.3 percent, the most since Oct. 30, to 0.350 rial. The Omani company received a letter of intent from the government for a 29.7 million-rial ($77 million) project.

--Editors: Peter Branton, Claudia Maedler

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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