Persian Gulf Stocks: Dubai Islamic Bank, Doha Bank, First Gulf

Dubai’s DFM General Index (DFMGI) decreased 1.6 percent, the most since Dec. 21, to 1,702.01 at the 2 p.m. close in the emirate. Abu Dhabi’s ADX General Index (ADSMI) rose 0.5 percent, its tenth day of gains. Saudi Arabia’s market was closed for the weekend.

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

Dubai Islamic Bank PJSC (DIB) fell for a third day this week, dropping 1.4 percent to 2.19 dirhams. The United Arab Emirates’ biggest bank complying with Shariah rules will cut its dividend payment to comply with central bank advice.

Doha Bank QSC (DHBK) advanced the most since Feb. 21, gaining 1 percent to 61.5 riyals. The Qatari bank isn’t looking into becoming an Islamic lender, Chief Executive Officer Raghavan Seetharaman said.

First Gulf Bank PJSC (FGB) rallied to the highest level since September 2008, surging 4.7 percent to 21.1 dirhams. Shareholders of the U.A.E lender controlled by Abu Dhabi’s ruling family approved a 100 percent cash dividend and 100 percent bonus shares.

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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