Gulf Stocks: Abu Dhabi Commercial Bank and Saudi Real Estate
Dubai’s DFM General Index (DFMGI) rose 0.1 percent to 1,557.55 at the 2 p.m. close in the emirate. Saudi Arabia’s Tadawul All Share Index (SASEIDX) slipped 0.2 percent and Abu Dhabi’s measure retreated 0.5 percent.
The following stocks rose or fell in the Gulf. Symbols are in parentheses.
Abu Dhabi Commercial Bank PJSC (ADCB) dropped the most in almost a week, sliding 2.1 percent to 2.39 dirhams. The United Arab Emirates’ third-biggest bank by assets will decide in two to three weeks on whether to sell a 25 percent stake in RHB Capital Bhd., a banker familiar with the matter said.
Industries Qatar (IQCD QD) dropped for a second time in three days, losing 1.4 percent to 137 riyals. Crude oil for May delivery fell as much as 1.7 percent to $103.60 a barrel. Industries Qatar is a state-controlled petrochemical and steelmaker.
Saudi Real Estate Co. (SRECO) advanced to the highest since Jan. 26, rising 1.9 percent to 24.65 riyals. A unit of the Riyadh-based property developer bought a Medina plot for 86.2 million riyals ($23 million) on which it will build 206 houses.
Separately, the company was started with a “neutral” recommendation and a 26.5 riyal price estimate at NCB Capital.
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