Persian Gulf Stocks: Emaar and National Bank of Umm Al Qaiwain

Dubai’s benchmark DFM General Index (DFMGI) fell for the first time in three days, retreating 0.2 percent to 1,476.57 at the close in the emirate. Abu Dhabi’s ADX General Index (ADSMI) gained 0.9 percent to 2,489.55, the biggest gain in more than three months.

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

Emaar Properties PJSC (EMAAR) rose as much as 2.1 percent to 2.99 dirhams before closing at 2.95 dirhams, the highest close in almost a month. Foreign investors raised their stake in the developer of the world’s tallest tower to 10.67 percent after buying 6.096 million shares, Al Khaleej newspaper reported, without saying how it obtained the information.

National Bank of Umm Al-Qaiwain (NBQ UH) surged 10 percent, the biggest jump since August, to 1.65 dirhams. A Dubai court suspended the ruling in a case involving the United Arab Emirates-based lender and Global Investment House KSCC of Kuwait, the bank said. The court will hold a session on Sept. 4 to look into NBQ’s appeal. Global said in April 2011 that a Dubai court ruled in its favor in a $250 million dispute with NBQ, ordering the bank to pay the amount plus $54.6 million in interest.

To contact the reporter on this story: Ahmed A. Namatalla in Cairo at anamatalla@bloomberg.net

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

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