Gulf Stocks Movers: Almarai, Arabtec, Emaar, Galfar, Red Sea
The Dubai Financial Market General Index increased 1.1 percent to 1,706.24, the highest since Nov. 22, at the 2 p.m. close in the emirate. Qatar’s QE Index rose 0.6 percent after surging 3.6 percent yesterday. Abu Dhabi’s measure advanced 0.1 percent. Saudi Arabia’s gauge was little changed.
The following stocks gained or fell in the Gulf. Symbols are in parentheses.
Almarai Co. (ALMARAI AB) soared to the highest in almost five years, jumping 3.2 percent to 113.25 riyals. The operator of dairy farms proposed a 2010 dividend of 2.25 riyals a share and approved distributing one bonus share for each stock held.
Arabtec Holding PJSC (ARTC UH) surged the most since March, rising 9.1 percent to 2.03 dirhams. Drake & Scull International PJSC (DSI UH) jumped 6.5 percent to 1.02 dirhams, the highest since November 2009. The United Arab Emirates’ real-estate companies are gaining on speculation they may bid for infrastructure contracts in Qatar as the Persian Gulf nation prepares to host soccer’s World Cup in 2022, said Shehzad Janab, head of asset management at Dubai-based Daman Investments PSC.
Emaar Properties PJSC (EMAAR UH) advanced the most in more than two weeks, gaining 1.6 percent to 3.73 dirhams. The builder of the world’s tallest tower is interested in projects in Qatar after the nation won the rights to host the World Cup, Chairman Mohamed Alabbar told Al Arabiya TV.
Galfar Engineering & Contracting SAOG (GECS OM) jumped 2.4 percent, the most since Nov. 9, to 0.566 rial. The Omani construction company won a 1.4 million-rial ($3.6 million) contract to develop a sewage treatment plant.
Red Sea Housing Services Co. (REDSEA AB) declined the most in more than two months, retreating 2.9 percent to 50.50 riyals. The Saudi Arabian provider of prefabricated housing said its chairman resigned and appointed Ibrahim al-Madhoun as replacement.
Union National Bank PJSC (UNB UH) advanced the most in more than three months, rising 3.5 percent to 3.25 dirhams. The lender obtained approval from Kuwait’s central bank to establish a branch in the country.
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