Bloomberg News

Persian Gulf Stocks: Tamweel in Dubai and Zain Saudi Were Active

July 08, 2012

Saudi Arabia’s benchmark Tadawul All share Index (SASEIDX) fell 0.1 percent to 6,855.13 at the close in Riyadh. Dubai’s benchmark DFM General Index (DFMGI) slipped 0.4 percent, while Qatar’s QE Index (DSM) increased 0.1 percent.

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

Tamweel PJSC (TAMWEEL) rose to the highest level since April 17, climbing 0.8 percent to 1.30 dirhams, amid investor speculation the Dubai-based mortgage provider may expand into Saudi Arabia after the kingdom passed a mortgage law. The stock has advanced 11 percent in the past four days. The company declined to comment when contacted by Bloomberg News.

Mobile Telecommunications Co. of Saudi Arabia (ZAINKSA AB) slumped 9.9 percent, the biggest decrease since February 2011, to 14.5 riyals. The phone company known as Zain Saudi will hold a rights issue from July 10 to 17.

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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