Persian Gulf Stocks: United Development, Saudi Real Estate

Dubai’s shares tumbled to the lowest since June 2004, dropping 1 percent to 1,314.47 at the 2 p.m. close in the emirate. Qatar’s QE Index (DSM) retreated 0.7 percent and Saudi Arabia’s Tadawul All Share Index (SASEIDX) was little changed.

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

United Development Co. (UDCD) fell for a second day, decreasing 1.9 percent to 23.82 riyals. Khalil Sholy, the managing director and president of the Qatari investor in infrastructure and energy, resigned.

Saudi Real Estate Co. (SRECO) declined the most in more than five months, tumbling 4.6 percent to 25 riyals. The property developer posted a 46 percent decline in fourth-quarter profit to 60.6 million riyals ($16 million).

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 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.