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Gulf Stocks: Taqa, Al-Ahlia, Al-Ahsa, Saudi Arabian Cooperative

Dec. 19 (Bloomberg) -- The Dubai Financial Market General Index advanced 0.1 percent to 1,641.15 at the 2 p.m. close in the emirate. Saudi Arabia’s Tadawul All Share Index rose 0.2 percent. Markets in Bahrain and Qatar are closed for a holiday.

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

Abu Dhabi National Energy Co. (TAQA UH) advanced 1.4 percent, the most since Dec. 1, to 1.46 dirhams. The government-controlled utility known as Taqa received an A rating from Standard & Poor’s based on the company’s state backing.

Al-Ahlia Cooperative Insurance (ALAHLIA AB) dropped the most in more than a month, losing 1.4 percent to 49.8 riyals. The Saudi insurer appointed Sami Bin Ezzat Al-Ali as chief executive officer.

Al-Ahsa Development Co. (AADC AB) gained the most since February 2009, jumping 9.8 percent to 11.25 riyals. The Saudi Arabian investment firm expects “very high” profit in the fourth quarter after it earned 77 million riyals ($21 million) from the sale of a plot of land, Chief Executive Officer Ali al-Hassoon told Al Arabiya television today.

Saudi Arabian Cooperative Insurance Co. (SAICO AB) gained 1.5 percent to 34.5 riyals, the highest close in more than four months. The Saudi Islamic insurer known as Saico will raise its capital by 150 million riyals through a rights offer.

To contact the reporter on this story: Zahraa Alkhalisi in Abu Dhabi at zalkhalisi@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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