Persian Gulf Stocks: Saudi Steel Pipe, Zamil Industrial Gain

Dubai’s DFM General Index (DFMGI) rose 0.1 percent, the most since Sept. 21, at the 2 p.m. close in the emirate. Saudi Arabia’s Tadawul All Share Index (SASEIDX) climbed 0.4 percent, while the Kuwait Stock Exchange Unweighted Index declined 0.3 percent.

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

Burgan Co. for Well Drilling, Trading, and Maintenance (ABAR KK) traded for the first time since Aug. 15, surging 8.5 percent to 320 fils. The Kuwaiti oil-services company known as Abar signed a 48.2 million dinar ($174 million), five-year contract with KOC.

Saudi Steel Pipe Co. (SSP) advanced for a second day, rising 2.2 percent to 23.55 riyals. The manufacturer of welded pipes said its board approved a first-half dividend of 0.75 riyal and agreed to a 200 million-riyal ($53 million) expansion of its Dammam plant.

Zamil Industrial Investment Co. (ZIIC) jumped to the highest in a week, gaining 1.1 percent to 27.1 riyals. The maker of building materials in Saudi Arabia said a unit won a contract valued at 256.8 million riyals to develop a photovoltaic solar project in Gujarat, India.

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 edit or 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.