Bloomberg News

Persian Gulf Stocks: Oman Telecom, SAFCO and Spimaco Moved

November 30, 2011

Nov. 30 (Bloomberg) -- Dubai’s DFM General Index advanced 0.6 percent to 1,378.94, the highest level since Nov. 17, at the 2 p.m. close in the emirate. The measure decreased 2.1 percent this month. Saudi Arabia’s Tadawul All Share Index decreased 0.1 percent.

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

Oman Telecommunications Co. (OTEL OM) rallied to the highest since Feb. 23, gaining 0.8 percent to 1.224 rials. JPMorgan Chase & Co. started the phone company with an “overweight” recommendation and a 1.56 rials 12-month price estimate.

Saudi Arabian Fertilizer Co. (SAFCO AB) jumped the most since Oct. 5, rising 1.7 percent to 180.75 riyals. The unit of Saudi Basic Industries Corp. said it will offer a 7-riyal dividend for the second half.

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO AB) increased the most in almost a month, rising 1.9 percent to 37.9 riyals. The company known as Spimaco was started with an “overweight” recommendation at HSBC Holdings Plc and a price estimate of 59 riyals.

Tamweel PJSC (TAMWEEL UH) surged the most in a month, climbing 2.8 percent to 70.6 fils. The mortgage company majority owned by Dubai Islamic Bank PJSC hired banks for a possible bond sale as it seeks financing to pay liabilities and increase lending. Dubai Islamic (DIB UH) gained 0.5 percent to 2 dirhams.

--Editors: Claudia Maedler, 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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