Bloomberg News

Persian Gulf Stocks: Aramex, Arabtec, Dubai Financial Market

February 27, 2012

Dubai’s DFM General Index (DFMGI) dropped 1.3 percent, the most since Dec. 21, to 1,654.20 at the 2 p.m. close in the emirate. Abu Dhabi’s ADX General Index (ADSMI) gained 0.1 percent.

Arabtec Holding Co. (ARTC) rose for a fifth day, gaining 2.6 percent to 3.2 dirhams. Groups led by Orascom Construction Industries and Arabtec, the United Arab Emirates’ biggest construction company, are competing with two others to build a hotel near central Cairo’s Tahrir Square, Al Mal reported.

Aramex PJSC (ARMX) fell the most since Dec. 29, losing 3.1 percent to 1.89 dirhams. The largest courier company in the Middle East said the board proposed a dividend of 5 fils a share for 2011. That compares with the 7.5 fils dividend it paid in 2010, according data compiled by Bloomberg.

Dubai Financial Market PJSC (DFM) lost the most in more than a month, dropping 4.2 percent to 95.5 fils. The only publicly traded Gulf Arab stock market posted its first full- year loss after trading values and volumes in Dubai fell.

Qatar Fuel Co. (QFLS) surged to the highest on record, advancing 10 percent to 299.4 riyals. The country’s fuel distributor and retailer posted a 7.5 percent increase in 2011 profit to 1.16 billion riyals ($319 million)

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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