Persian Gulf Stocks: Abyaar Real Estate, Aramex, Saudi Basic

Dubai’s DFM General Index (DFMGI) dropped 0.6 percent, the most since Dec. 6, to 1,388.19 at the 2 p.m. close in the emirate. The measure has dropped 15 percent this year. Kuwait’s Stock Exchange Index (KWSEIDX) decreased 0.3 percent and Saudi Arabia’s Tadawul All Share Index (SASEIDX) lost 0.2 percent.

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

Abyaar Real Estate Development (ABYAAR) surged 5.5 percent to 29 fils, its highest level in two months. The Kuwaiti property company said it made a gain of 1.7 million dirhams ($463,000) from a property sale.

Aramex PJSC (ARMX) advanced the most in a week, rising 1.6 percent to 1.86 dirhams. The Middle East’s largest courier company said it acquired Berco Express (Pty) Ltd. of South Africa, marking its biggest purchase to date and entry into Africa’s largest economy.

Saudi Basic Industries Corp. (SABIC) dropped the most in three weeks, losing 1.8 percent to 95.50 riyals after crude oil declined as much as 1.5 percent to $97.89 a barrel on the New York Mercantile Exchange.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editors responsible for this story: Claudia Maedler at cmaedler@bloomberg.net; Shaji Mathew at shajimathew@bloomberg.net

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