Gulf Stocks: Gulf Navigation, Al-Mojil Group, Saudi Basic

The Dubai Financial Market General Index fell for the first time in four days, losing 0.3 percent to 1,663.29 at the 2 p.m. close in the emirate. Abu Dhabi’s measure advanced 0.4 percent and Qatar’s QE Index increased 1.5 percent. The Kuwait SE Price Index retreated 0.1 percent. Saudi Arabia’s Tadawul All Share Index gained 0.3 percent.

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

Gulf Navigation Holding PJSC (GULFNAV UH) rose 3.3 percent, the most since Nov. 1, to 44.3 fils. Dubai’s only publicly traded oil-tanker owner acquired a very large crude carrier as part of its expansion in the crude oil market.

Mohammad Al-Mojil Group (MMG AB) jumped 4.7 percent to 19.9 riyals, the highest level since May 24. The Saudi company that provides services to the construction industry won a 197 million-riyal ($53 million) contract from Hyundai Engineering & Construction Co. for civil engineering work in Abu Dhabi.

Saudi Basic Industries Corp. (SABIC AB), the world’s biggest petrochemicals maker, gained 1.4 percent to 107 riyals, the highest since September 2008. Industries Qatar (IQCD QD), the second-biggest petrochemicals maker in the Middle East, rose for a fourth day, advancing 2.6 percent to 143.6 riyals. Crude for February delivery rose as much as 85 cents on the New York Mercantile Exchange to $92.23 a barrel, the highest price since Oct. 7, 2008.

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

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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