Gulf Stocks: Al Meera, Doha Bank, Sabic, Savola, Sorouh

Dubai’s DFM General Index (DFMGI) advanced 0.1 percent, according to the bourse’s website. Abu Dhabi’s ADX General Index (ADSMI) dropped 0.2 percent and Saudi Arabia’s Tadawul All Share Index (SASEIDX) retreated 0.1 percent.

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

Al Meera Consumer Goods Co. (MERS QD) advanced the most in almost a week, rising 1.1 percent to 86.9 riyals. The shares were trading ex-dividend today. The company that operates a chain of stores in Qatar said first-quarter profit rose to 12.6 million riyals ($3.5 million) from 9.2 million riyals a year earlier.

Doha Bank QSC (DHBK) rose the most in a month, advancing 2.1 percent to 52.6 riyals. Qatar’s fourth-biggest bank by assets said first-quarter profit rose 15 percent to 363 million riyals.

Saudi Basic Industries Corp. (SABIC) increased the most since March 20, rising 2.6 percent to 109 riyals. The world’s biggest petrochemicals maker said first-quarter profit surged 42 percent to 7.69 billion riyals ($2 billion) from a year ago.

Savola (SAVOLA) Azizia United Co. (SAVOLA AB) dropped the most since March 15, falling 2.2 percent to 26.7 riyals. The Saudi Arabian food producer said first-quarter profit declined 58 percent to 165.2 million riyals after a 2010 capital gain wasn’t repeated and global commodity prices hurt margins.

Sorouh Real Estate Co. (SOROUH) surged to the highest since Jan. 23, increasing 3.5 percent to 1.5 dirhams. Abu Dhabi’s Urban Planning Council signed housing contracts valued at 13.5 billion dirhams ($3.7 billion) including a 2.89 billion- dirham deal with Sorouh to build 7,500 houses for United Arab Emirates’ nationals.

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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