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Persian Gulf Stocks: Arabtec, Du and Boubyan Bank in Kuwait

Dubai’s DFM General Index (DFMGI) fell 3.7 percent, the most since February 2011, to 1,689.18 at the 2 p.m. close in the emirate. Abu Dhabi’s ADX General Index (ADSMI) retreated for a second day, dropping 0.6 percent.

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

Arabtec Holding Co. (ARTC) tumbled the most in more than a year, losing 7.1 percent to 3.25 dirhams. Aabar Investments PJSC (AABAR), an Abu Dhabi government-controlled company, raised its stake in the United Arab Emirates construction company to 5.28 percent.

Boubyan Bank KSC (BOUBYAN) slumped to the lowest since August 2010, dropping 1.8 percent to 550 fils. The lender 47 percent owned by National Bank of Kuwait said Chairman Ibrahim Ali Al-Qadhi resigned.

Emirates Integrated Telecommunications Co. (DU) retreated the most since Feb. 6, decreasing 1.9 percent to 3.12 dirhams. The United Arab Emirates’ second-biggest telephone company, said full-year profit dropped 16 percent as royalty to the government increased.

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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