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Gulf Stocks: Air Arabia and Kuwait’s Jazeera Airways Moved

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June 2 (Bloomberg) -- The DFM General Index lost 0.5 percent, the most since May 30, trimming its gain for the week to 2.1 percent. Abu Dhabi’s ADX General Index advanced 0.3 percent. Saudi Arabia’s market is closed for the weekend.

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

Air Arabia PJSC (AIRARABI UH) decreased as much as 1.1 percent to 69.9 fils, the lowest level on record, before closing 0.6 percent lower at 70.3 fils. The biggest low-cost airline in the Middle East was lowered to “neutral” from “buy” at Nomura Holdings Inc. and had its price estimate cut to 90 fils from 1.1 dirhams.

Jazeera Airways KSC (JAZEERA KK) slumped the most since May 19, retreating 3.1 percent to 186 fils. Nomura Holdings cut the Kuwaiti low-cost airline to “reduce” from “neutral” and had its price estimate lowered 6.7 percent to 140 fils.

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

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

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