Persian Gulf Stocks: Emaar Properties and Zain Saudi Arabia

The DFM General Index (DFMGI) slumped 1.5 percent, the most since March 7, to 1,643.31 at the 2 p.m. close in Dubai. Saudi Arabia’s Tadawul All Share Index (SASEIDX) tumbled 1.3 percent, falling from a three-year high.

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

Emaar Properties PJSC (EMAAR) retreated the most in almost two weeks, dropping 2.6 percent to 2.97 dirhams. A 10 fils cash dividend for 2011 proposed by the board of the United Arab Emirates’ biggest developer fell short of investor expectations, according to ING Investment Management.

Mobile Telecommunications Co. Saudi Arabia (ZAINKSA AB) slumped 9.6 percent, the biggest decline in a year, to 10.4 riyals. The phone company known as Zain Saudi Arabia was cut to underweight from neutral at NCB Capital with a price estimate of 7 riyals. The shares have surged 87 percent in 2012.

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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