Gulf Stocks: Sharjah Islamic Bank Advances, Soor Fuel Retreats
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.