Bloomberg News

Persian Gulf Stocks: Hits Telecom Holding and Taqa Were Active

December 06, 2011

Dec. 6 (Bloomberg) -- Dubai’s DFM General Index decreased 1.2 percent, the most since Nov. 1, to 1,382.92 at the 2 p.m. close in the emirate. Saudi Arabia’s Tadawul All Share Index fell 0.2 percent and Abu Dhabi’s ADX General Index declined 0.8 percent.

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

Hits Telecom Holding Co. (HITSTELE KK) surged to the highest since June 1, rising 3.6 percent to 58 fils. The Kuwait- based telecommunications services provider agreed to a 158.8 million dirhams ($43 million) loan from Swiss-based Global Emerging Markets Ltd.

Abu Dhabi National Energy Co. (TAQA UH) advanced the most since Nov. 16, gaining 0.8 percent to 1.21 dirhams. The company known as Taqa cut the yield it paid to raise $1.5 billion in bonds, signaling higher investor demand for debt from the state- run utility.

--Editor: Inal Ersan

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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