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Gulf Stocks: Al Jazeera Steel, Aldar, NBAD, Qatar Telecom, Taqa

Saudi Arabia’s Tadawul All Share Index (SASEIDX) retreated for a second day, dropping 0.4 percent to 5,756.14 at 2:11 p.m. in Riyadh.

Abu Dhabi’s ADX General Index (ADSMI) fell 0.1 percent and Dubai’s (DFMGI) measure declined 0.9 percent.

Abu Dhabi National Energy Co. (TAQA) retreated for a second day, falling 1.3 percent to 1.52 dirhams. The state-controlled oil and gas producer bought the energy business of Netherlands-based Royal DSM NV for an enterprise value of 285 million euros ($404 million).

Al Jazeera Steel Products (ATMI OM) lost the most in three weeks, falling 6.1 percent to 0.340 rial. The Omani company that manufactures galvanized pipes posted a first-half loss of 2.1 million rials ($5.5 million) versus a profit of 6.3 million rials in the year-earlier period.

Aldar Properties PJSC (ALDAR) fell for a second day, dropping 2.5 percent to 3.9 dirhams. Abu Dhabi’s biggest property developer said second-quarter net income fell 79 percent.

Bank of Sharjah PJSC (BOS UH) gained for a second time this week, rising 2.5 percent to 1.67 dirhams. The commercial lender in the U.A.E. reported second-quarter profit of 149 million dirhams ($40.6 million).

National Bank of Abu Dhabi (NBAD UH) advanced 5.8 percent to 12.75 dirhams, the highest since Nov. 5. The U.A.E.’s second-biggest bank by assets reported second-quarter profit that declined less than analysts estimated after booking higher income from lending. Separately, the bank said it plans to buy back 10 percent of its shares.

National Marine Dredging Co. (NMDC) rose for a third day, adding 3.4 percent to 6.77 dirhams. The U.A.E.-based company that deepens waterways said second-quarter profit rose 57 percent.

Qatar Telecom QSC (QTEL QD) climbed to its highest in almost nine months, up 3.1 percent to 148.2 riyals. The emirate’s primary telecom company which provides phone services from North Africa to Asia said it has no plan to “de-list or re-list” its unit PT Indosat, Indonesia’s second-largest phone company.

To contact the reporter on this story: Vivian Salama in Dubai

To contact the editor responsible for this story: Claudia Maedler at

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