Persian Gulf Stocks: Dubai Financial Market, Industries Qatar
Dubai’s benchmark DFM General Index (DFMGI) rose less than 0.1 percent to 1,471.49 at the 2 p.m. close in the emirate, trimming this month’s loss to 9.8 percent. Qatar’s QE Index fell 0.7 percent.
The following shares were active in the Persian Gulf region. Stock symbols are in parentheses.
Dubai Financial Market (DFM)(DFM UH) retreated 1.6 percent to 94.5 fils, the lowest close since May 16, on bets second-quarter profit at the only publicly traded Arab stock market may drop after trading volumes slumped. The stock “is a proxy for the market,” said Samer Darwiche, a Dubai-based analyst at Gulfmena Investments Ltd. “Lower traded volume of the exchange means that second-quarter earnings will be lower than the strong first-quarter figures.”
Industries Qatar QSC (IQCD) declined 1.4 percent, the most since May 14, to 136.9 riyals. Shares of the second-biggest petrochemicals maker in the Middle East retreated 6.2 percent this month as oil prices headed for the biggest monthly drop in three years.
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