Bloomberg News

Persian Gulf Stocks: BankMuscat, National Shipping, Tasnee

July 16, 2012

Dubai’s DFM General Index gained 0.9 percent, the most since July 5, to 1,516.53 at the close in the emirate. Oman’s MSM30 Index rose 0.6 percent and Saudi Arabia’s Tadawul All Share Index (SASEIDX) fell 0.3 percent.

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

BankMuscat SAOG (BKMB OM) gained 2.9 percent, the most since March 28, to 0.526 rial. Oman’s biggest lender by assets posted a 20 percent increase in first-half profit to 68.4 million rials ($178 million.)

Emaar Properties PJSC (EMAAR) climbed 2.5 percent to 3.23 dirhams, the highest level since May 1, amid speculation second-quarter earnings of the developer of the world’s tallest skyscraper may beat estimates, said Julian Bruce, Dubai-based director of institutional sales trading at EFG-Hermes Holding SAE.

National Shipping Co. of Saudi Arabia (NSCSA AB (NSCSA)) rose 2.9 percent, the most since July 11, to 17.85 riyals after second- quarter profit more than doubled to 207.1 million riyals compared ($55 million).

National Industrialization Co. (NIC) rose 1.6 percent to 31 riyals, the highest since June 30. The Saudi Arabian holding company for industrial and manufacturing known as Tasnee said second-quarter profit fell to 580 million riyals. The mean estimate of five analysts was for a profit of 572 million riyals, according to data compiled by Bloomberg.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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