Bloomberg News

Persian Gulf Stocks: Emaar Properties, Gulf General Investment

July 03, 2012

Dubai’s benchmark DFM General Index (DFMGI) surged 2.6 percent, the most since March 11, to 1,502.21 at the close in the emirate. Qatar’s QE Index (DSM) gained 0.7 percent and Saudi Arabia’s Tadawul All Share Index (SASEIDX) jumped 2.1 percent.

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

Dar Al Arkan Real Estate Development Co. (ALARKAN) jumped 2 percent to 10.45 riyals, the highest since May 30. Saudi Arabia’s largest property developer by market value rose after the kingdom’s government passed a mortgage law.

Gulf General Investment Co. (GGICO) rallied 8.1 percent to 34.8 fils, the highest close since April 1. The investment company said it signed restructuring agreements with all its lenders, completing the process that started early 2011.

Emaar Properties PJSC (EMAAR) soared 6.6 percent, the most since Jan. 25, to 3.08 dirhams. The developer of the world’s tallest skyscraper rose on bets its affiliate in Saudi Arabia (SABIC) is poised to benefit from a mortgage law approved yesterday. Emaar Economic City (EMAAR) rallied 2.1 percent to 9.95 riyals.

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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