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http://www.businessweek.com/news/2012-05-01/persian-gulf-stocks-barwa-oman-international-shuaa-capital

Bloomberg News

Persian Gulf Stocks: Barwa, Oman International, Shuaa Capital

May 01, 2012

The DFM General Index (DFMGI) decreased for a fifth day, declining 0.5 percent at the 2 p.m. close in the emirate. Qatar’s QE Index (DSM) decreased 0.4 percent while Abu Dhabi’s ADX General Index (ADSMI) gained less than 0.1 percent.

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

Barwa Real Estate Co. (BRES) fell 2.9 percent to 27.1 riyals, to the lowest since February 2010. The Qatari property company said first-quarter profit plunged 47 percent to 292.5 million riyals ($80 million).

Oman International Bank SAOG (OIBB) slumped to the lowest since February 2009, losing 7.6 percent to 0.232 rial. The company, which is merging its operations with HSBC Holdings Plc (HSBA), posted a 45 percent decline in first-quarter profit as provisions for loan impairments rose.

Shuaa Capital PSC (SHUAA) advanced the most since March 11, rising 4.6 percent to 79.5 fils. The investment bank controlled by Dubai’s ruler plans to improve operating cash flow by 71 percent in the first half as a result of a “rightsizing progam” it began last year.

Zad Holding (ZHCD) surged 9.9 percent, the biggest gain in more than three years, to 57.7 riyals. The Qatari foods company and wheat importer said first-quarter profit rose to 41.6 million riyals from 35.4 million in the year earlier period.

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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