Persian Gulf Stocks: Drake & Scull, Shuaa Capital, Gulf Bank

Dubai’s DFM General Index (DFMGI) rallied 2.2 percent to 1,521.56, the highest level since August, at the 2 p.m. close in the emirate. Kuwait’s SE Index (KWSEIDX) gained 0.7 percent.

The following shares were active in the Persian Gulf region. Stock symbols follow company names.

Drake & Scull International PJSC (DSI UH) gained 1.2 percent to 97 fils, the highest level since Feb. 9. The Dubai- based construction company’s full-year profit beat analysts’ estimates and it set up a unit to benefit from railway projects in the Middle East.

Gulf Bank KSC (GBK) jumped 1 percent, the largest increase since Dec. 29, to 490 fils after the Kuwaiti lender said full-year profit rose to 30.6 million dinars ($110 million) from 19.1 million dinars.

Shuaa Capital PSC (SHUAA) rallied 13 percent to 76.9 fils, the highest level since October. The investment bank controlled by Dubai’s ruler announced plans for further job cuts and said its fourth-quarter loss narrowed to 111.9 million dirhams ($30.5 million).

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

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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