Persian Gulf Stocks: Barwa Real Estate and Qatar Telecom

Abu Dhabi’s ADX General Index (ADSMI) retreated the most since Jan. 17, snapping an eleven-day rally, to 2,625.42 at the 2 p.m. close in the emirate. Dubai’s DFM General Index (DFMGI) was little changed. Qatar’s QE Index (DSM) retreated 0.2 percent.

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

Barwa Real Estate Co. (BRES) slumped 5.4 percent to 28.9 riyals, the lowest since Jan. 30. The Middle East’s biggest property company by assets said full-year profit declined to 1.2 billion riyals ($330 million) from 1.4 billion riyals a year earlier.

Qatar Telecom QSC (QTEL) (QTEL QD) advanced to the highest since June 2008, jumping 1.3 percent to 167 riyals. The Persian Gulf country’s biggest company by revenue said fourth-quarter profit rose to 603 million riyals from 452 million riyals a year earlier. The board recommended a cash dividend of 30 percent and bonus shares of 30 percent.

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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