Gulf Stocks: Gulf General Investment and Samba Financial Group

The DFM General Index (DFMGI) retreated 2 percent, the most since March 14, to 1,546.65 at the 2 p.m. close in Dubai. Qatar’s QE Index (DSM) lost 1.9 percent and Saudi Arabia’s Tadawul All Share Index declined 0.7 percent.

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

Gulf General Investment Co. (GGICO) slumped the most since April 7, losing 6.5 percent to 33 fils. The Dubai-based investment company defaulted on 489.2 million dirhams ($133 million) of bank payments as of March 31 amid a debt restructuring.

Samba Financial Group (SAMBA) fell to the lowest level in two months, retreating 1.4 percent to 53.5 riyals. Egypt’s Banque Misr SAE is holding talks with Saudi investors to sell its 2 percent stake in Samba, Asharq al-Awsat newspaper said, citing the bank’s Deputy Chairman Mohammad Abbas Fayed.

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

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.