Bloomberg News

Persian Gulf Stocks: Etisalat in Abu Dhabi and Industries Qatar

June 14, 2012

Dubai’s benchmark DFM General Index (DFMGI) fell 1 percent to 1,463.73 at the close in the emirate, the lowest since June 7. The gauge was little changed this week. Qatar’s QE Index (DSM) slipped 0.1 percent as Saudi Arabia’s market was closed for the weekend.

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

Emirates Telecommunications Corp. (ETISALAT) rose 0.7 percent to 9.24 dirhams, the highest since March 26. The stock rallied 4.8 percent this week, the biggest such gain since March 2011. The largest publicly-traded company in the United Arab Emirates rose on bets the government may permit foreigners to buy the shares after Emarat Alyoum reported on its website that a law that governs Etisalat may be amended.

The company on June 7 said it’s not aware of any such decision.

Industries Qatar QSC (IQCD) , the second-biggest petrochemicals maker in the Middle East, rose 1.2 percent, the most since May 22, to 133.6 riyals. Crude for July delivery rose as much as 0.6 percent to $83.08 a barrel on the New York Mercantile Exchange.

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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