Bloomberg News

Persian Gulf Stocks: First Gulf Bank and Saudi Cable Advance

November 29, 2011

Nov. 29 (Bloomberg) -- Dubai’s DFM General Index advanced 0.2 percent to 1,370.44, the highest level since Nov. 17. Saudi Arabia’s Tadawul All Share Index declined 0.1 percent at the 3:30 p.m. close in Riyadh.

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

First Gulf Bank PJSC (FGB UH) rallied the most since Nov. 13, climbing 2.4 percent to 14.75 dirhams. The United Arab Emirates lender controlled by Abu Dhabi’s ruling family raised the foreign-ownership limit in the bank’s shares to 25 percent.

Saudi Cable Co. (SCACO AB) gained the most since April 10, advancing 5.4 percent to 12.80 riyals. The manufacturer of cables and reels said it won purchase orders valued at 1.1 billion riyals ($293 million) this month.

--With assistance from Mourad Haroutunian in Riyadh. Editors: Susan Lerner, Peter Branton

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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