Breaking News

Tweet TWEET

Gulf Stocks: Air Arabia, Commercial Bank of Kuwait, Union Properties Move

The Dubai Financial Market General Index retreated 0.9 percent to 1,691.65 at the 2 p.m. close in the emirate, bringing the drop for the week to 2.7 percent. Kuwait’s gauge lost 0.7 percent. Saudi Arabia’s market was closed for the weekend.

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

Air Arabia PJSC (AIRARABI UH) fell to the lowest level in more than two months, slipping 1 percent to 79.1 fils. The Middle East’s biggest budget airline said third-quarter profit dropped 5.6 percent to 136 million dirhams ($37 million).

Commercial Bank of Kuwait SAK (CBK KK) rose to the highest in more than a month, increasing 1.1 percent to 920 fils. The bank posted a profit of 19.6 million dinars ($70 million) in the third quarter after a loss of 2.5 million dinars in the year-ago period.

National Industries Group (NIND KK) declined a third time this week, decreasing 1.4 percent to 360 fils. The largest industrial investment company in Kuwait reported a 36 percent drop in third-quarter profit to 7.5 million dinars.

Union Properties PJSC (UPP UH) lost the most since June 1, retreating 4 percent to 40.7 fils. Dubai’s third-largest real- estate developer by market value said its third-quarter loss almost tripled to 451.8 million dirhams as revenue from property management and sales fell.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net or

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

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.