Bloomberg News

Persian Gulf Stocks: Dana Gas, Saudi Steel Pipe Are Active

January 16, 2012

Jan. 16 (Bloomberg) -- Saudi Arabia’s Tadawul All Share Index fell 1.1 percent, the most since Dec. 13, at the 3:30 p.m. close in Riyadh. Abu Dhabi’s ADX General Index lost 0.8 percent to 2,324.73, the lowest close since March 2009.

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

Dana Gas PJSC (DANA UH) tumbled 8.1 percent to 34 fils, the lowest close on record, on investor concern the company may struggle to repay $1 billion of Islamic bonds due in October.

“There’s a fear that settling financial commitments could be an issue and that delays may occur,” said Mohammed Ali Yasin, chief investment officer at Capm Investment PJSC in Abu Dhabi.

Dana Gas’s corporate communications department wasn’t immediately able to comment.

Saudi Steel Pipe Co. (SSP AB) dropped 4.9 percent, the most since Dec. 27, to 25.5 riyals. The manufacturer of welded pipes said fourth-quarter profit fell to 13.3 million riyals ($3.55 million) from 21.2 million riyals a year earlier.

--Editors: Claudia Maedler, Susan Lerner

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

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


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