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Persian Gulf Stocks: Saudi Arabian Mining, United Development

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Oct. 23 (Bloomberg) -- Qatar’s QE Index rallied 0.8 percent, the most since Oct. 6, at the 1 p.m. close in Doha. Dubai’s DFM General Index dropped 0.2 percent, while Saudi Arabia’s Tadawul All Share Index increased 0.5 percent.

The following shares were active in the Persian Gulf region. Stock symbols are in parentheses.

Qatar Industrial Manufacturing (QIMD QD) rose to the highest level in more than two weeks, gaining 1.3 percent to 54.7 riyals. The investor in makers of building materials, chemicals and paper said nine-month profit climbed to 152 million riyals ($42 million) from 127.6 million riyals a year earlier.

United Development Co. (UDCD QD) jumped the most in more than seven years, soaring 10 percent to 20.91 riyals. The Qatari investor said nine-month profit more than quadrupled to 1.8 billion riyals.

Saudi Arabian Mining Co. (MAADEN AB) advanced to the highest level in three weeks, rising 1.6 percent to 25.2 riyals. The state-run producer known as Ma’aden appointed a board of directors for a three-year term starting Oct. 25.

SMN Power Holding SAOG (SMNP OM) jumped 3.1 percent to 3.63 rials on the first day of trading of the venture between International Power Plc, Mubadala Development Co. and Oman’s National Trading Co. SMN Power’s initial public offering raised 24.6 million rials after attracting bids worth 40.9 million rials ($106 million).

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