Gulf Stocks: Commercial Bank, Combined Group, Qatar National

Abu Dhabi’s ADX General Index advanced 0.4 percent to 2,703.95 at the 2 p.m. close in the emirate. The DFM General Index was unchanged, while Qatar’s QE Index rose 0.7 percent to the highest since Jan. 27. The QE Banking Sector Index jumped 1.1 percent.

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

Combined Group Contracting Co. (CGC KK) gained to the highest in almost a week, increasing 1 percent to 2,040 fils. The Kuwaiti construction company won a 26.9 million dinar ($96 million) order to build fire stations in Kuwait.

Al Mannai Corp. (MCCS QD) climbed to the highest in two months, jumping 5 percent to 144.9 riyals. The Qatari retailer of electronics, durables and vehicles said its full-year net income rose 25 percent to 230.9 million riyals ($63 million).

Qatar National Bank SAQ (QNBK QD), the country’s largest lender, surged the most in two months, gaining 3.4 percent to 141 riyals. Qatar Islamic Bank SAQ may be interested in buying units that offer Shariah-compliant financial products and services from the country’s commercial lenders, its acting chief executive officer Ahmad Meshari said. Commercial Bank of Qatar advanced 2.3 percent to 89.5 riyals and Doha Bank QSC increased 2.5 percent to 61 riyals.

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

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

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