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Gulf Stocks Movers: Tabreed, Noor Financial, Saudi Fisheries

Dec. 12 (Bloomberg) -- Qatar’s QE Index rose 0.5 percent to 8,794.83, the highest level since September 2008, at the 12:30 p.m. close in Doha. The Dubai Financial Market General Index declined 1 percent while Saudi Arabia’s Tadawul All Share Index increased 0.1 percent.

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

Basic Chemical Industries (BCI AB) advanced to the highest in more than a month, gaining 1.1 percent to 28.9 riyals. The Saudi chemicals maker said its board recommended distributing a 2010 dividend of 1 riyal a share.

National Central Cooling Co. (TABREED UH) tumbled the most since June, dropping 5.1 percent to 1.96 dirhams. The company known as Tabreed received regulatory approval to cancel 970 million shares, which allows its share price to exceed the minimum of 1 dirham (27 cents) required to qualify for selling new shares, it said Dec. 9. The new shares began trading today, with each equaling five old shares in value.

Noor Financial Investment KSCC (NOOR KK) slumped the most since September 2008, tumbling 8.6 percent to 53 fils. The Kuwait-based investment company posted a third-quarter loss of 12.8 million dinars ($45 million) after a profit of 253,261 dinars in the year-earlier period.

Saudi Fisheries Co. (SFICO AB) fell the most since Dec. 7, declining 2.2 percent to 54.75 riyals. The board of the fish processing company decided to reduce the size of a planned rights offer by 30 percent to 333.4 million riyals ($89 million).

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net or

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

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