Bloomberg News

Persian Gulf Stocks: Tamweel in Dubai and Zain Saudi Arabia

June 26, 2012

Saudi Arabia’s Tadawul All Share Index (SASEIDX) rose 0.2 percent, the biggest gain since June 20, to 6,696.84 at the close in Riyadh. The measure has dropped 15 percent this quarter, trimming the gain for the year to 4.4 percent. Dubai’s benchmark DFM General Index (DFMGI) fell 0.1 percent and Qatar’s QE Index (DSM) decreased 0.4 percent.

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

Mobile Telecommunications Co. Saudi Arabia (ZAINKSA) snapped a five-day drop, rising 2.5 percent to 8.1 riyals. The phone company’s extraordinary general meeting yesterday didn’t take place due to lack of quorum.

Tamweel PJSC (TAMWEEL) slumped 2.6 percent, the most since June 3, to 1.14 dirhams. The Dubai-based provider of Islamic mortgages may sell sukuk priced at between 335 basis points to 345 basis points over the one-month dollar Libor, two investors familiar with the plan said after trading ended. They asked not to be identified because details haven’t been made public.

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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