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Gulf Stocks: Emaar Properties, Sharjah Islamic Bank, Soor Fuel

Dubai’s DFM General Index and Abu Dhabi’s ADX General Index each dropped 0.7 percent at the 2 p.m. close. Kuwait’s measure decreased 1 percent.

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

Emaar Properties PJSC (EMAAR UH) slid the most in a week, retreating 1.6 percent to 3.17 dirhams. The United Arab Emirates’ biggest developer by market value said revenue from apartment sales declined 81 percent in the first quarter and from villa sales 50 percent amid weak property demand.

Etihad Etisalat Co. (EEC AB) gained 1 percent, the most in a week, to 52.50 riyals. Saudi Arabia’s second-largest phone company by market value had its price estimate raised to 69 riyals from 63.5 riyals at Shuaa Capital PSC.

Kuwait & Gulf Link Transport Co. (KGL KK) surged to the highest level since Feb. 13, advancing 6.9 percent to 156 fils. The cargo shipper said it won a U.S. Army contract valued at $870 million for five years with three other companies.

Sharjah Islamic Bank (NBS UH) advanced the most since May 10, rising 1.1 percent to 90 fils. The United Arab Emirates lender is meeting investors this week with plans to sell as much as $500 million of Islamic bonds, or sukuk, as a scarcity of offerings drive borrowing costs for banks to a record low in the Persian Gulf.

Soor Fuel Marketing Co. (SOOR KK) retreated the most since April 27, dropping 1.6 percent to 300 fils. The fuel company that owns about a third of Kuwait’s gas stations said first-quarter profit fell to 1 million dinars ($3.6 million) from 1.3 million dinars a year earlier.

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