Bloomberg News

Persian Gulf Stocks: Taqa, Oman Cement, Renaissance Services

February 15, 2012

Feb. 15 (Bloomberg) -- Dubai’s DFM General Index snapped a five-day rally, falling 1.1 percent to 1,522.96 at the 2 p.m. close in the emirate. Abu Dhabi’s ADX General Index dropped 0.1 percent.

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

Abu Dhabi National Energy Co. (TAQA UH) retreated 4 percent, the biggest drop since Aug. 7, to 1.20 dirhams. The utility known as Taqa said full-year profit fell 26 percent to 752 million dirhams ($205 million) as it booked a 528 million- dirham charge related to its Canadian operations and paid higher U.K. taxes.

Oman Cement Co. SAOG (OCOI OM) dropped the most since Jan. 29, losing 1.2 percent to 0.43 rial. The sultanate’s second- largest maker of the building material said the environment ministry ordered a one-month closure of production line 1 for non-compliance with emission standards.

Renaissance Services SAOG (RNSS OM) gained 6.4 percent, the most in almost six months, to 0.552 rial. The Oman-based provider of services to the oil and gas industry reported a 14 percent increase in 2011 revenue to 289.9 million rials ($412 million).

--Editors: Shanthy Nambiar, Claudia Maedler

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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