Persian Gulf Stocks: Damas and Gulf International Services

Dubai’s DFM General Index (DFMGI) advanced 1.9 percent, the most since March 11, to 1,683.18 at the 2 p.m. close in the emirate. Qatar’s QE Index (DSM) gained 0.2 percent.

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

Damas International Ltd. (DAMAS) climbed 3.7 percent to 42.5 cents, the highest level since June 2009. The Dubai-based jewelery maker and retailer said its board recommended accepting a cash offer for the company from Qatar’s Mannai Corp. (MCCS), valuing Damas’ equity at about $445 million.

Gulf International Services QSC (GISS) jumped 14 percent, the most since May 2008, to 26.70 riyals. The Qatari holding company said its acquisition of Amwaj Catering Services may be completed “imminently.” The company is seeking to boost profit to 600 million riyals ($165 million) by 2016, Gulf Times reported, citing Chairman Mohammed Al-Sada, who is also Qatar’s oil minister. Profit was 300 million riyals last year.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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