Bloomberg News

Persian Gulf Stocks: Banque Saudi Fransi, Gulf Cement

November 27, 2011

Nov. 27 (Bloomberg) -- Dubai’s DFM General Index declined 0.4 percent to 1,343.63 at the 2 p.m. close in the emirate, the lowest close since June 2004. The gauge has slumped 18 percent this year. Abu Dhabi’s ADX General Index dropped 0.1 percent and Saudi Arabia’s Tadawul All Share Index declined 0.2 percent.

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

Banque Saudi Fransi (BSFR AB) retreated for a seventh day, falling 1 percent to 40.2 riyals. The Saudi lender part-owned by Credit Agricole SA will sell its 27 percent stake in Bemo Saudi Fransi Syria and its 10 percent stake in Banque Europeenne pour le Moyen Orient SAL.

Gulf Cement Co. (GCEM UH) surged 9.4 percent, the most since Aug. 1, to 93 fils, as two trades on the stock were made. The United Arab Emirates-based cement producer awarded a contract to Thyssenkrupp Industries India to generate power from oven heat to reduce costs.

--Editors: Shaji Mathew, Shanthy Nambiar

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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