Bloomberg News

Persian Gulf Shares: Aldar, Arabtec Holding and Sorouh Moved

May 22, 2012

Dubai’s benchmark DFM General Index (DFMGI) gained 0.6 percent to 1,496.56 at the 2 p.m. close in the emirate, the highest since May 10. Abu Dhabi’s ADX General Index (ADSMI) climbed 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 to the highest in two weeks, with Aldar rising 3.7 percent to 1.11 dirhams and Sorouh advancing 3.9 percent to 1.07 dirhams. Abu Dhabi’s biggest developers may appoint Credit Suisse Group AG and Morgan Stanley (MS:US) as advisers on their potential merger, a person familiar with the matter said.

Arabtec Holding Co. (ARTC) rose as much as 3.5 percent to 3 dirhams, before closing 0.7 percent higher at 2.92 dirhams. Aabar Investments PJSC, an Abu Dhabi state-owned company, boosted its stake in the construction company to 21.57 percent, Dubai bourse data show.

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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Companies Mentioned

  • MS
    (Morgan Stanley)
    • $32.91 USD
    • 0.36
    • 1.09%
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