Bloomberg News

Persian Gulf Stocks: Aldar, Sorouh and Saudi Basic Industries

March 12, 2012

Abu Dhabi’s ADX General Index (ADSMI) advanced 1.1 percent, the most since Feb. 26, to 2,614.83 at the 2 p.m. close in the emirate. Dubai’s DFM General Index declined 1.1 percent after surging 4.7 percent yesterday. Saudi Arabia (SABIC)’s Tadawul All Share Index (SASEIDX) gained less than 0.1 percent.

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

Aldar Properties PJSC (ALDAR) and Sorouh Real Estate Co. (SOROUH) surged 9.8 percent to 1.34 dirhams, the most since October 2008 and December 2009, respectively. Abu Dhabi’s biggest real estate developers said they are considering a potential merger.

Saudi Basic Industries Corp. (SABIC AB) fell the most since Feb. 26, declining 0.7 percent to 104.75 riyals. Crude oil for April delivery decreased 1.4 percent to $105.94 a barrel at 3:36 p.m in Riyadh. Saudi Basic is the Middle East’s largest petrochemicals company.

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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