Bloomberg News

Persian Gulf Stocks: Abu Dhabi Commercial Bank, Gulf General

March 29, 2012

Dubai’s DFM General Index (DFMGI) fell the most in three weeks, declining 2 percent to 1,648.87 at the 2 p.m. close in the emirate, trimming its gains this year to 22 percent. Abu Dhabi’s ADX General Index fell 0.5 percent.

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

Abu Dhabi Commercial Bank PJSC (ADCB) advanced 2.3 percent, the most since March 4, to 3.10 dirhams. The United Arab Emirates’ third-biggest lender by assets said it will seek shareholders approval to buy back as much as 10 percent of its shares over six months.

Gulf General Investment Co. (GGICO UH) surged as much as 3.5 percent to 36 fils, before erasing gains to end 0.9 percent lower at 34.5 fils. The Dubai-based investment company said its loss in 2011 widened to 1.08 billion dirhams ($294 million) from 973 million dirhams a year earlier. The company also said most banks approved the restructuring of its debt.

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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