Gulf Stocks: Sharjah Islamic Bank Advances, Soor Fuel Retreats

Dubai’s DFM General Index (DFMGI) dropped 0.5 percent at 1:20 p.m. in Dubai. Abu Dhabi’s ADX General Index (ADSMI) slipped 0.7 percent.

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

Sharjah Islamic Bank (NBS) advanced the most in almost a week, rising 1.1 percent to 90 fils. The United Arab Emirates lender is meeting investors this week with plans to sell as much as $500 million of sukuk, or Islamic bonds, as a scarcity of offerings drive down borrowing costs for banks to record lows in the Persian Gulf.

Soor Fuel Marketing Co. (SOOR KK) retreated the most this month, falling 1.6 percent to 300 fils. The fuel company that owns about a third of Kuwait’s gas stations said first-quarter profit fell to 1 million dinars ($3.6 million) from 1.3 million dinars a year earlier.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.