Persian Gulf Stocks: Dar Al Arkan, Alinma Bank, First Gulf Bank

Saudi Arabia’s Tadawul All Share Index (SASEIDX) rallied for a third day, gaining 1.1 percent to 7,758.66, at the 3:30 p.m. close in Riyadh. Abu Dhabi’s ADX General Index (ADSMI) rose 0.8 percent.

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

First Gulf Bank PJSC (FGB) advanced 1.5 percent, the biggest increase since March 12, to 9.36 dirhams. The lender controlled by Abu Dhabi’s ruling family provided a $350 million financing facility to PT Asmin Koalindo Tuhup of Indonesia.

Alinma Bank (ALINMA) added 0.9 percent to 16.25 riyals, the highest level since March 19. The initial share sale of Tokio Marine Saudi Arabia Co., in which Alinma holds a 28.8 percent stake, already attracted more than 11 times the amount sought. The sale closes tomorrow.

Dar Al Arkan Real Estate Development Co. (ALARKAN) climbed 3.8 percent to 13.70 riyals, the highest price since March 19. Saudi Arabia’s largest property developer is confident it will be able to repay a $1 billion Islamic bond maturing in July, Arabian Business reported, citing the company’s Chairman Yousuf Bin Abdullah Al Shelash.

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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