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Gulf Stocks: U.A.E.’s Emirates Telecommunications, Kuwait’s Zain

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Dec. 23 (Bloomberg) -- The DFM General Index gained 0.1 percent to 1,626.06 as of 10:17 a.m. in Dubai. Abu Dhabi’s measure rose 0.3 percent and Kuwait’s SE Price Index advanced less than 0.1 percent.

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

Emirates Telecommunications Corp. (ETISALAT UH) gained 0.9 percent, the most since Dec. 9, to 10.85 dirhams. Mobile Telecommunications Co. (ZAIN KK) rose 1.3 percent to 1,540 fils. Kuwait’s commercial court allowed due diligence to proceed on Emirates Telecommunications’ planned purchase of 46 percent of the Kuwaiti phone company Zain, denying a minority shareholder’s effort to halt the transaction.

Emirates Telecommunications is known as Etisalat and Mobile Telecommunications is known as Zain.

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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