Bloomberg News

Persian Gulf Stocks: Mashreqbank of U.A.E., Union Properties

February 02, 2012

Feb. 2 (Bloomberg) -- Dubai’s benchmark DFM General Index declined 1.2 percent, the most since Dec. 21, to 1,435.96 at the 2 p.m. close in the emirate, trimming this week’s gain to 2.1 percent.

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

Mashreqbank PSC (MASQ UH) dropped 9.9 percent, the most in more than a year, to 91.45 dirhams. The United Arab Emirates bank controlled by the Al Ghurair family had a 59 percent slump in fourth-quarter profit to 63.6 million dirhams ($17 million), according to Bloomberg calculations based on full-year data.

Union Properties PJSC (UPP UH) tumbled 9.8 percent, the most since January 2010, to 28.4 fils. The Dubai-based real- estate developer said the full-year net loss widened to 1.57 billion dirhams) from 1.53 billion dirhams a year earlier.

--Editors: Shanthy Nambiar, Claudia Maedler

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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