Gulf Stocks: Emaar, Jabal Omar, Ras Al Khaimah Cement and Waha

Dubai’s DFM General Index (DFMGI) fell 1.6 percent, the biggest drop since March 15, at the 2 p.m. close in the emirate. Abu Dhabi’s ADX General Index (ADSMI) lost 0.8 percent, while Saudi Arabia’s Tadawul All Share Index (SASEIDX) increased 1.1 percent.

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

Emaar Properties PJSC (EMAAR) fell the most in more than a month, dropping 2.9 percent to 3.34 dirhams. The builder of the world’s tallest tower in Dubai said first-quarter profit dropped 45 percent to 421 million dirhams ($115 million), missing analysts estimates, as it delivered fewer units in Burj Khalifa.

Jabal Omar Development Co. (JOMAR) climbed to the highest in more than two months, advancing 3.5 percent to 16.1 riyals. The real-estate developer in Saudi Arabia’s holy city of Mecca got approval for a rights offer.

Ras Al Khaimah Cement Co. (RAKCC) retreated the most since January, losing 8 percent to 1.03 dirhams. The producer of cement in the U.A.E. said first-quarter profit dropped 91 percent to 274,643 dirhams.

Shuaa Capital PSC (SHUAA) dropped the most since March 3, falling 4.2 percent to 1.15 dirhams. The U.A.E.’s biggest investment bank said its head of research, Amer Halawi, resigned last week for personal reasons. Walid Shihabi, who heads the brokerage unit, will also oversee the research division.

Waha Capital PJSC (WAHA) dropped for a second day, declining 2.6 percent to 75 fils. The leasing company based in Abu Dhabi said first-quarter profit fell to 29.8 million dirhams from 33.4 million dirhams in the year-earlier period.

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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