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Gulf Stocks: Al Safwa Group, Industries Qatar, Inovest, Kuwait Real Estate

The Dubai Financial Market General Index declined 0.1 percent to 1,511.36 at 11:55 a.m. in the emirate. The Kuwait SE Price Index retreated 0.2 percent and Abu Dhabi’s measure slid 0.2 percent. Qatar’s QE Index gained 0.5 percent.

The following stocks rose or fell in the Gulf. Symbols are in parentheses.

Al Safwa Group Co. (ALSAFWA KK) dropped 5.7 percent, the most since July 19, to 33 fils. The Kuwaiti consumer goods trading company posted a second-quarter loss of 6.5 million dinars ($23 million) after a profit of 4.1 million dinars a year earlier.

Industries Qatar (IQCD QD) gained for a third time this week, rising 1.3 percent to 102.6 riyals. The second-biggest petrochemicals maker in the Middle East posted a bigger-than- expected 14 percent gain in second-quarter profit amid rising steel prices. Net income rose to 1.39 billion riyals ($382 million) from a year earlier.

Inovest Co. BSC (INOVEST BI) slumped 9.8 percent, the most since June 10, to 50.5 cents. The Bahrain-based property investment and advisory company posted a second-quarter loss of $4.3 million after a profit of $4.5 million in the year-earlier period.

Kuwait Real Estate Co. (KRE KK) fell 1.5 percent to 68 fils. The Kuwait-based property company said second-quarter profit slumped 74 percent to 441,327 dinars.

To contact the reporter on this story: Zahraa Alkhalisi in Abu Dhabi at zalkhalisi@bloomberg.net

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