Persian Gulf Stocks: ADCB, Drake & Scull, Nawras, Shuaa Capital

Abu Dhabi’s ADX General Index (ADSMI) rose 0.3 percent, the biggest increase since April 18, to 2,512.19 at the 2 p.m. close in the emirate. The DFM General Index (DFMGI) fell 0.6 percent.

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

Abu Dhabi Commercial Bank PJSC (ADCB) rose the most since April 1, gaining 2.2 percent to 3.20 dirhams. The United Arab Emirates’ third-biggest lender posted a 38 percent increase in first-quarter profit to 802 million dirhams ($218 million).

Dlala Brokerage & Investment (DBIS) surged to the highest since September 2008, rallying 4.1 percent to 47.9 riyals. The Qatari asset manager and stockbroker said first- quarter profit rose 26 percent to 15.3 million riyals ($4.2 million).

Drake & Scull International PJSC (DSI) advanced the most since March 13, climbing 2.2 percent to 98.9 fils. The Dubai- based construction company said it won a contract valued at 470 million dirhams in Abu Dhabi.

Omani Qatari Telecommunications Co. (NWRS) tumbled to the lowest on record, slumping 4.4 percent to 0.566 rial. The unit of Qatar Telecom QSC said first-quarter profit fell 19 percent to 9.8 million rials ($25 million) as revenue from text messaging declined.

Shuaa Capital PSC (SHUAA) fell the most in more than a week, dropping 1.9 percent to 78 fils. The Dubai-based investment (DIC) bank had its ratings cut to B1 from Ba3 and assigned a negative outlook at Moody’s Investors Service.

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

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.