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Persian Gulf Stocks: First Gulf, Herfy, Kuwait’s National Bank

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June 22 (Bloomberg) -- Dubai’s DFM General Index retreated 1.8 percent, the most since May 23. Abu Dhabi’s ADX General Index was little changed, while Saudi Arabia’s Tadawul All Share Index declined 0.2 percent.

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

Commercial Real Estate Co. (ALTIJARI KK) surged the most in almost three months, soaring 7.1 percent to 75 fils. The Kuwaiti property developer sold land for 34.4 million dinars ($125 million) and made a profit of 29.2 million dinars from the transaction.

Dubai Financial Market PJSC (DFM UH) slumped the most in more than three months, losing 5.4 percent to 1.22 dirhams. The only Gulf Arab stock market to sell shares to the public was kept at frontier status at MSCI Inc. as the index provider delayed a decision on whether to upgrade the United Arab Emirates to an emerging market in December.

First Gulf Bank PJSC (FGB UH) increased for the first time this week, gaining 0.9 percent to 17.8 dirhams. The U.A.E. lender controlled by Abu Dhabi’s ruling family said its board approved raising the foreign ownership limit to 25 percent from 15 percent.

Herfy Food Services Co. (HERFY AB) advanced the most since May 9, climbing 2.4 percent to 85.5 riyals. The Saudi Arabian fast-food chain plans to raise its capital by offering new stock to existing shareholders.

National Bank of Kuwait (NBK KK) retreated for a second day this week, losing 1.7 percent to 1,160 fils. Kuwait’s biggest lender had its ratings lowered at Moody’s Investors Services because of concerns about pressure on asset quality and weaker credit conditions in the country.

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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