Bloomberg News

Persian Gulf Stocks: Mohammad Al-Mojil Group and Qatar Telecom

July 01, 2012

Saudi Arabia’s Tadawul All Share Index (SASEIDX) fell 0.1 percent to 6,705.49 at the close in Riyadh after rallying 1.9 percent yesterday. Dubai’s benchmark DFM General Index (DFMGI) rose 0.7 percent and Qatar’s QE Index (DSM) gained 1 percent, the most since Jan. 3.

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

Mohammad Al-Mojil Group (MMG) rose 3.2 percent to 12.85 riyals, the highest close in a week. The Saudi Arabian builder said it signed a 450 million-riyal ($120 million) financing agreement with seven local banks.

Qatar Telecom QSC (QTEL QD) rose the most since May 10, gaining 1.9 percent to 105.5 riyals. The company offered to pay about 640 million dinars ($2.3 billion) to purchase shares it doesn’t own in Kuwait’s National Mobile Telecommunications Co. (NMTC), Al-Rai newspaper reported, citing unidentified people familiar with the matter. National Mobile fell 0.9 percent when the stock last traded 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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