Persian Gulf Stocks: Kuwait’s Global, NBK and Saudi Fisheries

Dubai’s DFM General Index (DFMGI) rose for a fourth day, gaining 0.3 percent at the 2 p.m. close in the emirate. Kuwait’s gauge lost 0.4 percent and Saudi Arabia’s Tadawul All Share Index (SASEIDX) decreased 0.5 percent.

The following shares were active in the Persian Gulf region. Stock symbols are in parentheses.

Banque Saudi Fransi (BSFR) lost the most since March 2, declining 3.9 percent to 39.5 riyals. The Saudi Arabian lender part-owned by Credit Agricole SA said Calyon Bank’s representative on its board Alain Massierra resigned.

Global Investment House KSCC (GLOBAL) rallied to the highest level in almost three months, surging 6.5 percent to 41 fils. The Kuwait-based investment bank requested its creditors’ support to defer debt repayments due in December.

National Bank of Kuwait (NBK) rose to the highest in more than a week, gaining 1.9 percent to 1,100 fils. The nation’s largest bank said it has no exposure to derivatives and that it applies international standards in hedging against interest rates and foreign exchange fluctuations.

Saudi Fisheries (SFICO) Co climbed to the highest in almost four months, soaring 9.8 percent to 29.1 riyals. The Saudi company said it will sell 33.5 million shares at 10 riyals each in a rights offer. The company announced the sale on Sept. 14 and yesterday said it set the issue date from Sept. 27 to Oct. 5.

Yanbu Cement (YNCCO) dropped the most since Aug. 9, falling 1.6 percent to 61.25 riyals. The Saudi Arabian maker of the material said a production line scheduled to open by the end of this month will be delayed because of a lack of oil and natural gas needed to power its output.

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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