Bloomberg News

Persian Gulf Stocks: Industries Qatar and Qatar Telecom Moved

June 28, 2012

Qatar’s QE Index (DSM) fell 0.5 percent to 8,123.02, the lowest since Aug. 24, at the close in Doha. The measure is down 7.5 percent this year. Dubai’s benchmark DFM General Index (DFMGI) was little changed and Saudi Arabia (SABIC)’s market was closed for the weekend.

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

Industries Qatar QSC (IQCD) , the second-biggest petrochemicals maker in the Middle East, fell 1.2 percent to 125 riyals, the lowest since Oct. 12. Crude for August delivery fell as much as 0.6 percent to $79.75 a barrel on the New York Mercantile Exchange.

Qatar Telecom QSC (QTEL QD) retreated 3.3 percent, the most in more than a year, to 103.5 riyals. The company’s offer to buy a stake in Kuwait’s National Mobile Telecommunications Co. (NMTC) is “credit negative,” Moody’s Investors Service said.

National Mobile fell 0.9 percent to 2,200 fils when it last traded on June 25.

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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