Bloomberg News

Persian Gulf Stocks: Oman Cement, United Development in Qatar

January 29, 2012

Jan. 29 (Bloomberg) -- Dubai’s DFM General Index slipped 0.3 percent to 1,401.56 at the 2 p.m. close in the emirate, snapping a five-day rally. Saudi Arabia’s Tadawul All Share Index advanced 0.2 percent.

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

Oman Cement Co. (OCOI OM) decreased the most since Nov. 30, falling 2.1 percent to 0.421 rial. The sultanate’s second- largest maker of the building material by market value said full-year profit plunged 49 percent to 12.8 million rials ($33 million).

Saudi Cement Co. (SACCO AB) surged to the highest since July 2008, rallying 6.5 percent to 78 riyals. The Saudi manufacturer of the building material said its board recommended distributing a second-half dividend of 4.5 riyals a share.

United Development Co. (UDCD QD) tumbled the most in almost a month, decreasing 4.3 percent to 24.7 riyals. The Qatari investor in infrastructure and energy said a potential stake buyer pulled out after seeking to change the terms of an offer.

--Editors: Stephen Kirkland, Paul Jarvis

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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