Persian Gulf Stocks: Al-Mazaya, Etisalat, Renaissance Services

Oman’s benchmark MSM30 Index (MSM30) declined 0.9 percent to 6,167.36, the lowest level since Feb. 28, at the 1 p.m. close in Muscat. The gauge has lost 8.7 percent this quarter. Abu Dhabi’s gauge dropped 1 percent and Kuwait’s benchmark index was little changed.

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

Al-Mazaya Holding Co. (MAZAYA KK) tumbled the most since March 1, declining 5.9 percent to 96 fils. The real-estate developer said it lost 8.6 million dinars ($31 million) in 2010 after a profit of 5.2 million dinars the previous year.

Emirates Telecommunications Corp. (ETISALAT UH) dropped for a fourth day, falling 3.7 percent to 10.5 dirhams. The shares are trading without the rights to a 35 fils-cash dividend payable April 17. The Abu Dhabi-based company, known as Etisalat, said it decided not to bid for a mobile-phone license in Syria. Adjusted for the dividend the shares fell 0.5 percent.

Kuwait Real Estate Co. (KRE) declined the most since March 15, retreating 3.9 percent to 50 fils. The Kuwaiti-based property company reported a loss of 20.7 million dinars in 2010 after a profit of 2.1 million dinars the previous year.

Renaissance Services SAOG (RNSS) slid to the lowest since Nov. 30, retreating 3.1 percent to 0.984 rial. The Topaz Energy & Marine Plc unit of the services provider to the oil and gas industry decided not to proceed with an initial share sale in London.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

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

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