Persian Gulf Stocks: ADCB, Qassim Cement and Qatar Cinema

Dubai’s DFM General Index (DFMGI) advanced 0.4 percent to 1,578.45 at the 2 p.m. close in the emirate. Qatar’s QE Index (DSM) was little changed and Saudi Arabia’s Tadawul All Share Index (SASEIDX) jumped 1.3 percent.

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

Abu Dhabi Commercial Bank PJSC (ADCB) retreated the most since March 2, dropping 4.1 percent to 3.07 dirhams. The United Arab Emirates’ third-largest bank by assets was lowered to “neutral” from “buy” at EFG-Hermes Holding SAE with a share- price estimate of 3.3 dirhams.

Qassim Cement (QACCO) Co surged to the highest level in almost a year, rising 1.5 percent to 70 riyals. The Saudi cement and clinker maker recommended a first-half dividend of 2.25 riyals.

Qatar Cinema and Film Distribution Co. (QCFS QD) advanced the most since May 19, jumping 3.8 percent to 41.5 riyals. The film importer and movie theater manager reached an agreement on a deal valued at almost 2 billion riyals ($549 million) in which Qatar Media would own 60 percent of Qatar Cinema’s share capital.

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

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.