Bloomberg News

Persian Gulf Stocks: Aldar Properties, Emaar, First Gulf Bank

December 15, 2011

Dec. 15 (Bloomberg) -- Dubai’s benchmark DFM General Index fell 1.3 percent, the most since Nov. 1, to 1,367.49 at the 2 p.m. close in the emirate, extending its loss this week to 1.2 percent. Abu Dhabi’s measure lost 1.2 percent.

The following shares were active in the Persian Gulf region. Stock symbols follow company names.

Aldar Properties PJSC (ALDAR UH) retreated 4.2 percent to a record low of 92 fils. The Abu Dhabi-based real-estate developer said it will today exchange 2.1 billion dirhams ($572 million) worth of bonds held by Mubadala Development Co. into shares at 1.75 dirhams each. The original conversion terms stipulated that the bonds would be converted at not higher than 2.30 dirhams and not lower than 1.75 dirhams.

Emaar Properties PJSC (EMAAR UH) dropped 4.3 percent, the most since Aug. 7, to 2.65 dirhams after the United Arab Emirates failed to win an upgrade to emerging-market status at index provider MSCI Inc. Emaar was among the stocks investors had predicted would benefit from the move, according to Mohammed Ali Yasin, Abu Dhabi-based chief investment officer at CapM Investment PJSC.

First Gulf Bank (FGB UH), which last month raised its foreign ownership limit, fell 3.7 percent, the most since Aug. 9, to 15.50 dirhams, after the decision.

--Editors: Claudia Maedler, Daliah Merzaban

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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