Persian Gulf Stocks: Arabtec, Qatar Telecom, Sabic, Tamweel

Abu Dhabi’s ADX General Index (ADSMI) declined 0.5 percent to 2,469.86 at the close in the emirate. The measure has lost 3.3 percent this quarter, the biggest such decline since the final three months of 2011.

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

Arabtec Holding Co. (ARTC) advanced as much as 1.4 percent to 2.85 dirhams, before trimming gains to 2.82 dirhams. The biggest publicly traded construction company in the United Arab Emirates said its share in an Abu Dhabi contract it won with others is 3.6 billion dirhams ($980 million.)

Qatar Telecom Q.S.C. (QTEL QD) declined as much as 1.5 percent to 106.20 riyals before paring losses to 107 riyals. The mobile-phone operator offered to buy a stake valued at about $1.9 billion in Kuwait’s National Mobile Telecommunications Co. (NMTC) as it steps up acquisitions amid competition at home.

Saudi Basic Industries Corp. (SABIC) fell 1.9 percent to 89.25 riyals, the lowest since October, as oil prices traded below $80 a barrel for a fifth day. The company is the world’s biggest maker of petrochemicals by market value.

Tamweel PJSC (TAMWEEL) climbed as much as 2.6 percent to 1.17 dirhams before the second sale of Islamic bonds this year by the mortgage provider controlled by Dubai Islamic Bank PJSC. (DIB) The shares closed unchanged at 1.14 dirhams.

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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