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Persian Gulf Stocks: Abu Dhabi Commercial and Kuwait Projects

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Aug. 3 (Bloomberg) -- Dubai’s DFM General Index fell 0.6 percent, the most since July 25, to 1,527.42. Abu Dhabi’s ADX General Index climbed 0.2 percent.

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

Abu Dhabi Commercial Bank (ADCB UH) gained as much as 2.3 percent to 3.18 dirhams, before closing at 3.12 dirhams. The United Arab Emirates’ third-biggest bank by assets reported second-quarter profit of 1.34 billion dirhams ($364.8 million) after a 531 million-dirham loss a year earlier. The bank said it plans to seek approval from shareholders and regulators to buy back as much as 10 percent of its stock.

Kuwait Projects Co. (KPROJ KK) advanced to a one-week high, rising 1.4 percent to 360 fils. The country’s biggest privately owned investment company said first-half profit surged fourfold to 16.6 million dinars ($61 million) on higher growth in commercial banking and insurance.

-- Editors: Claudia Maedler, Shaji Mathew

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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