Bloomberg News

Persian Gulf Stocks: Arabian Cement, Etisalat, Saudi Steel Pipe

February 21, 2012

Feb. 21 (Bloomberg) -- Abu Dhabi’s ADX General Index advanced 0.9 percent to 2,527.04, the highest since Oct. 2, at the 2 p.m. close in the emirate. Dubai’s DFM General Index gained 1.7 percent. Saudi Arabia’s Tadawul All Share Index climbed 0.9 percent to 6,966.73, the highest since September 2008.

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

Arabian Cement Co. (ARCCO AB) surged to the highest level in more than three years, rising 2.9 percent to 50.50 riyals. The Saudi Arabian producer of the building material recommended a 2 riyal-per-share dividend for the second half of last year.

Emirates Telecommunications Corp. (ETISALAT UH) advanced the most this month, gaining 2.2 percent to 9.52 dirhams. The United Arab Emirates’ biggest phone company plans to outsource some operations to cut costs and said it proposed a 2011 dividend.

Saudi Steel Pipe (SSP AB) increased for a third day, climbing 1.5 percent to 27.5 riyals. The manufacturer of welded steel pipes recommended a dividend of 0.75 riyal a share for the second half of last year.

--Editors: Claudia Maedler, Peter Branton

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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