Persian Gulf Stocks: Dana Gas, Southern Province Cement

Dubai’s DFM General Index (DFMGI) tumbled 1.9 percent to 1,526.94 at the 2 p.m. close in the emirate, the lowest since Feb. 16. Abu Dhabi’s ADX General Index lost 0.2 percent and Saudi Arabia’s measure dropped 2 percent.

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

Dana Gas PJSC (DANA) dropped 2.3 percent to 42 fils, the lowest level since Feb. 12. Investors have hired law firm Linklaters LLP to help negotiate the restructuring of Dana Gas’s $1 billion of Islamic bonds due this year, said three people familiar with the matter yesterday, declining to be identified because the information is private. The company and Linklaters declined to comment yesterday.

Southern Province Cement Co. (SOCCO) retreated 3 percent to 98.5 riyals. The Saudi Arabian cement (ARCCO) producer was started with a sell recommendation at Arqaam Capital and a share-price estimate of 90 riyals.

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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