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Persian Gulf Stocks: Saudi Basic, Shuaa Capital, Taqa

Dec. 18 (Bloomberg) -- Dubai’s DFM General Index rose 0.4 percent to 1,372.24 at the 2 p.m. close in the emirate, paring the decline for the year to 16 percent. Abu Dhabi’s ADX General Index fell for a fifth day, dropping less than 0.1 percent.

The following shares were active in the Persian Gulf region. Stock symbols follow company names.

Abu Dhabi National Energy Co. (TAQA UH) rose 0.8 percent, the most since Dec. 14, to 1.21 dirhams. The state-run utility known as Taqa said it reached an agreement to sell its oil and natural-gas assets in southeast Saskatchewan in Canada.

Saudi Basic Industries Corp. (SABIC AB) advanced 1.1 percent, the most since Dec. 10, to 94.75 riyals. The world’s largest petrochemicals company proposed paying the highest annual cash dividend since 2005.

Shuaa Capital PSC (SHUAA UH) dropped for a second day, retreating 1.1 percent to 55.1 fils. The investment bank controlled by Dubai’s ruler appointed Ghassan Hitti as head of its legal department after Nasreen Bulos resigned as general counsel.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

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

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