Bloomberg News

Persian Gulf Stocks: First Gulf Bank and Oman’s Nawras Moved

January 31, 2012

Jan. 31 (Bloomberg) -- Abu Dhabi’s ADX General Index advanced 1.3 percent to 2,453.98, the highest since Dec. 12, at the 2 p.m. close in the emirate. Dubai’s DFM General Index gained 2.1 percent. The measures have gained 2.2 percent and 6.1 percent respectively this month.

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

First Gulf Bank PJSC (FGB UH) surged the most in two years, rallying 9.9 percent to 17.15 dirhams. The United Arab Emirates lender controlled by Abu Dhabi’s ruling family reported an 18 percent rise in fourth-quarter profit, beating analysts’ estimates. The bank recommended a cash dividend of 1 dirham a share and one free share for every one held.

Omani Qatari Telecommunications Co. SAOG (NWRS OM) dropped to the lowest in two months, losing 1.3 percent to 0.632 rial. The company known as Nawras posted a fourth-quarter profit of 11.9 million riyals ($31 million), unchanged from a year earlier.

--Editors: Claudia Maedler, Shanthy Nambiar

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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