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Gulf Stocks: ADCB, Al-Madina, Kuwait Finance, Kuwait & Gulf

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April 4 (Bloomberg) -- The Bahrain All Share Index advanced 1.4 percent to 1563.67, the highest level since October. Qatar’s Doha Securities Market 20 Index increased 1.3 percent.

The following stocks rose or fell in the Gulf. Symbols are in parentheses.

Abu Dhabi Commercial Bank PJSC (ADCB UH) climbed 2.4 percent to 2.14 dirhams, the highest since Nov. 25. The United Arab Emirates’ third-biggest bank by assets said it “concluded” a treasury joint venture with Australia’s Macquarie Bank Ltd. Its infrastructure venture with Macquarie, which was set up in 2005, remains in place.

Al-Madina for Finance and Investment Co. SAKC (ALMADINA KK) rose 3.1 percent, the most in two weeks, to 67 fils. The Kuwaiti Islamic investment company said it is appealing against an arbitration initiated by Global Investment House KSCC and the result won’t affect its financial results, according to a statement to the local bourse. Global is seeking $10 million from Al-Madina.

Islamic Arab Insurance Co. (SALAMA UH) declined 5.3 percent, the most since Jan. 26, to 0.90 dirham. The U.A.E.’s Islamic insurer known as Salama said its board recommended paying no dividend for 2009.

Kuwait Finance and Investment Co. (KFIC KK) declined 1.8 percent to 112 fils, the lowest since Feb. 15. The Kuwait-based investment banking and asset management firm reported a full-year loss of 12.5 million dinars ($43.3 million) from 25.3 million dinars in 2008, according to a statement to the stock exchange.

Kuwait & Gulf Link Transport Co. (KGL KK) increased 7.4 percent to 365 fils, the highest level in a week. The cargo shipper said it won a 3.9 million-dinar contract from the government, according to a statement to the local bourse.

To contact the reporter on this story: Dana El Baltaji in Dubai delbaltaji@bloomberg.net

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

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