Gulf Stocks: Air Arabia of U.A.E., KGL Logistics of Kuwait

Dubai’s benchmark DFM General Index lost 0.7 percent to 1,607.29 at the 2 p.m. close in the emirate. The gauge declined 1.6 percent this week. Kuwait’s measure gained 0.3 percent, Qatar’s gauge declined 0.5 percent and Abu Dhabi’s ADX General Index (ADSMI) fell 0.1 percent.

The following stocks were active in the Persian Gulf. Symbols are in parentheses.

Air Arabia (AIRARABI) retreated 1.6 percent to 73 fils, the lowest on record. The Middle East’s biggest low-cost airline said yesterday net income in the first quarter dropped to 42.7 million dirhams ($11.6 million) compared with 49.6 million dirhams a year earlier.

KGL Logistics Co. KSCC (LOGISTIC KK) surged for a second day, rising 1.9 percent to 270 fils. The company, which offers air, sea and land transportation solutions said first-quarter profit rose to 2.3 million dinars ($8.4 million) from 2 million dinars a year earlier.

To contact the reporters on this story: Alaa Shahine in Dubai at asalha@bloomberg.net; Zahraa Alkhalisi in Dubai at zalkhalisi@bloomberg.net

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

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