Bloomberg News

Persian Gulf Stocks: Damas International and First Gulf Bank

January 04, 2012

Jan. 4 (Bloomberg) -- Abu Dhabi’s ADX General Index advanced 0.3 percent to 2,416.61 at the 2 p.m. close in the emirate, the highest since Dec. 14. Dubai’s DFM General Index slipped 0.3 percent.

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

Damas International Ltd. (DAMAS DU) surged to the highest in more than two years, soaring 13 percent to 26 cents. The Dubai-based jewelry maker and retailer said its majority shareholders, the Abdullah Brothers, appointed a financial adviser to sell part of their stake in the company for no less than 45 cents a share.

First Gulf Bank PJSC (FGB UH) gained as much as 1 percent to 15.65 dirhams before closing at 15.55 dirhams, the highest since Dec. 18. JPMorgan Chase & Co. said the lender controlled by Abu Dhabi’s ruling family may pay a higher dividend in 2011 and this year.

--Editors: Daliah Merzaban, Claudia Maedler

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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