Bloomberg News

Persian Gulf Stocks: Abu Dhabi Islamic Bank and Saudi Basic

November 23, 2011

Nov. 23 (Bloomberg) -- Dubai’s DFM General Index fell 0.3 percent to 1,347.07 at the 2 p.m. close in the emirate, extending a seven-year low. The gauge has slumped 17 percent this year. Abu Dhabi’s ADX General Index declined 0.4 percent.

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

Abu Dhabi Islamic Bank PJSC (ADIB UH) advanced the most in more than three months, rising 1.3 percent to 3.18 dirhams. The United Arab Emirates’ second-biggest shariah-compliant bank received more than $2 billion in orders for its $500 million Islamic bond, according to a banker familiar with the deal.

Saudi Basic Industries Corp. (SABIC AB) slipped to the lowest level since Oct. 12, decreasing 0.3 percent to 91.5 riyals. Crude oil for January delivery slid as much as 2.3 percent to $95.76 a barrel. Saudi Basic is the Middle East’s largest petrochemicals company and benefits from low feedstock costs.

--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


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus