Persian Gulf Stocks: Commercial Real Estate, First Gulf Bank

Dubai’s DFM General Index (DFMGI) retreated 0.5 percent to 1,570.05, the lowest intraday level since June 15 at 11:23 a.m. in the emirate. Abu Dhabi’s ADX General Index (ADSMI) slipped 0.1 percent.

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

Commercial Real Estate Co. (ALTIJARI) surged the most in three months, soaring 7.1 percent to 75 fils. The Kuwaiti property developer said it sold land for 34.4 million dinars ($125 million) and made a profit of 29.2 million dinars from the transaction.

First Gulf Bank PJSC (FGB UH) increased the most in almost a week, rising 0.9 percent to 17.8 dirhams. The United Arab Emirates lender controlled by Abu Dhabi’s ruling family said its board approved raising the foreign ownership limit to 25 percent from 15 percent.

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

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