Gulf Stocks: Emaar, Dana Gas, NBAD, Saudi Telecom and Zamil
The DFM General Index jumped 3.3 percent, the most since April 11, to 1,594.87 at the 2 p.m. close in Dubai on optimism the pledge by Egypt’s president to step down after elections will help quell protests. Abu Dhabi’s ADX General Index increased 1 percent. Saudi Arabia’s benchmark stock index advanced 2.2 percent.
The following stocks rose or fell in the Gulf. Symbols are in parentheses.
Emaar Properties PJSC (EMAAR UH) gained the most in seven months, climbing 5.8 percent to 3.28 dirhams. The company’s Egyptian unit, Emaar Misr for Development S.A.E., has investments of about 29 billion dirhams ($8 billion) in the North African country, according to its website.
Dana Gas PJSC (DANA UH) increased the most since June, jumping 4.8 percent to 66 fils. Dana Gas, a fuel producer with most of its output coming from Egypt, is developing deposits, production and transportation facilities the North African country.
National Bank of Abu Dhabi (NBAD UH) advanced the most since March, climbing 4.4 percent to 12 dirhams. The United Arab Emirates’ second-biggest bank by assets said it expects operating profit to rise 10 percent in 2011.
National Bank of Kuwait SAK (NBK KK) gained the most this year, climbing 2.9 percent to 1,440 fils. Kuwait’s biggest lender expects profit growth of as much as 15 percent this year and plans to expand into Syria, Chief Executive Officer Ibrahim Dabdoub said.
Saudi Telecom Co. (STC AB) advanced the most since June, gaining 2.3 percent to 40 riyals. The Arab world’s largest phone company formed a joint venture with Aegis Group Plc for customer care operations.
Zamil Industrial Investment Co. (ZIIC AB) increased for a second day this week, adding 2.1 percent to 34.2 riyals. The manufacturer of building materials said its unit received a 46 million-riyal ($12 million) contract from Saudi Aramco Mobil Refinery Co. for a clean fuel project.
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