Gulf Stocks: Burgan Bank, Herfy Food, Zain, United Development
The Dubai Financial Market General Index retreated 3.7 percent, the most since Jan. 30, to 1,536.45 at the 2 p.m. close in Dubai. Abu Dhabi’s measure lost 1.9 percent and Qatar’s gauge dropped 1.6 percent.
The following stocks rose or fell in the Gulf. Symbols are in parentheses.
Burgan Bank SAK (BURG KK) fell 3.8 percent to 510 fils, the lowest since Oct. 26. The Kuwaiti lender posted a 24 percent decline in 2010 profit to 4.7 million dinars ($16.8 million) from 6.2 million dinars in 2009.
Herfy Food Services Co. (HERFY AB) gained the most since Feb. 6, advancing 0.9 percent to 82.5 riyals. The board of Saudi Arabia’s largest fast-food chain proposed to pay a dividend of 1.5 riyals a share, or 40.5 million riyals ($11 million), for the second half of last year.
Qatar Gas Transport Co. (QGTS QD) retreated 1.2 percent to 18.28 riyals, the lowest level since Feb. 2. The liquefied natural gas transporter known as Nakilat had its credit rating reduced by one level by Moody’s Investors Service.
Mobile Telecommunications Co. (ZAIN KK) dropped 7.3 percent, the most since June 9, to 1,280 fils. The board of the phone operator known as Zain rejected purchase offers for its 25 percent stake in Zain Saudi Arabia and three executives resigned. Zain Saudi Arabia (ZAINKSA AB) retreated 2.6 percent to 7.55 riyals.
United Development Co. (UDCD QD) slid 4.6 percent to 21.7 riyals, the lowest since Dec. 2. The Qatari company that invests in real estate and energy plans to sell 1.07 billion riyals ($294 million) of convertible bonds maturing in five years.
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