Persian Gulf Stocks: Aldar, Herfy Food Services, Shaker, Tamweel

The DFM General Index (DFMGI) fell 0.4 percent to 1,642.65, the lowest since March 8, at the 2 p.m. close in Dubai. Abu Dhabi’s ADX General Index (ADSMI) rose 0.3 percent, while Saudi Arabia’s Tadawul All Share Index (SASEIDX) was little changed.

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

Aldar Properties PJSC (ALDAR) advanced 1.8 percent to 1.13 dirhams, the first increase in more than a week. The Abu Dhabi property developer exploring a merger with Sorouh Real Estate Co. (SOROUH) had its rating raised to B+ from B at S&P.

Herfy Food Services Co. (HERFY) rallied to the highest in almost two months, gaining 3.1 percent to 92.75 riyals. The Saudi Arabian fast-food chain said first-quarter profit rose to 40.6 million riyals ($10.8 million) from 32.5 million riyals the year earlier.

Saudi Pharmaceutical Industries & Medical Appliances Corp. (SPIMACO) rose 3.1 percent, the most since March 24, to 49.5 riyals. The company known as Spimaco posted a 24 percent increase in first-quarter profit to 56.5 million riyals.

Al-Hassan G.I. Shaker Co. (SHAKER) climbed the most since June 25, surging 4.6 percent to 74 riyals. The Saudi Arabian cooling systems and home appliances manufacturer said first-quarter profit rose to 40 million riyals from 33.6 million riyals the year earlier.

Tamweel PJSC (TAMWEEL) slumped 9.5 percent, the most since March 8, to 1.24 dirhams. The mortgage lender controlled by Dubai Islamic Bank PJSC (DIB) said first-quarter profit dropped 34 percent because of one-time litigation losses.

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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