Persian Gulf Stocks: Dubai Islamic Bank and Union National Bank

Dubai’s DFM General Index (DFMGI) decreased 0.2 percent at 10:54 a.m. in the emirate, bringing the decline for the month to 0.9 percent. Abu Dhabi’s ADX General Index (ADSMI) lost 0.1 percent.

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

Dubai Islamic Bank PJSC (DIB) advanced the most since July 3, rising 2 percent to 2.04 dirhams. The United Arab Emirates’ biggest lender complying with Shariah rules reported a 10 percent increase in second-quarter net income to 331 million dirhams ($90 million).

Union National Bank PJSC (UNB UH) increased the most in almost two months, jumping 3.9 percent to 3.5 dirhams. The company, in which the governments of both Abu Dhabi and Dubai hold stakes, said second-quarter profit rose to 415.3 million dirhams from 337.4 million dirhams a year earlier. The median estimate of four analysts was for a profit of 396 million dirhams, according to data compiled by Bloomberg.

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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