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Persian Gulf Movers: Al Ahli Bank, Nama, Union Properties

Jan. 22 (Bloomberg) -- Dubai’s shares rose for a third time in four days, gaining 0.5 percent to 1,334.58 at the 2 p.m. close in the emirate. Qatar’s QE Index and Saudi Arabia’s Tadawul All Share Index slipped 0.2 percent.

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

Al Ahli Bank of Qatar (ABQK QD) rose 4.5 percent to 100 riyals, the highest close since at least June 2003, when Bloomberg started tracking the shares. The Qatari bank said on Jan. 19 its full-year profit increased to 442.2 million riyals ($121.4 million) from 412.3 million riyals a year earlier.

Mohammad Al-Mojil Group Co. (MMG AB) slumped for a second day to the lowest since Dec. 6, losing 6.5 percent to 20.1 riyals. The shares dropped 9.9 percent yesterday. The Saudi construction-services company on Jan. 18 forecast “substantial losses” that will exceed 10 percent of its total assets.

Nama Chemicals Co. (NAMA AB) fell the most in almost six weeks, dropping 3.8 percent to 11.4 riyals. The Saudi Arabian petrochemicals company posted a fourth-quarter loss of 59.2 million riyals ($15.8 million) after a profit of 9 million riyals a year earlier.

Saudi Chemical Co. (SCCO AB), a Saudi Arabian trader and manufacturer of pharmaceutical products, retreated 1.3 percent to 37.4 riyals, the lowest since March 7. The company said fourth-quarter profit dropped 33 percent to 58 million riyals from a year earlier.

Union Properties PJSC (UPP UH) surged to the highest since Dec. 18, advancing 5.8 percent to 27.5 fils. The Dubai-based real-estate developer appointed Ahmad Khalaf Al Marri as acting general manager after Khalid AlJarwan resigned.

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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