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Persian Gulf Stocks: United Development, United International

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Feb. 26 (Bloomberg) -- Dubai’s DFM General Index surged 2.7 percent to 1,676.49, the highest since April 21, at the 2 p.m. close in the emirate. Abu Dhabi’s ADX General Index gained 1.3 percent. Saudi Arabia’s Tadawul All Share Index increased 0.2 percent.

Mohammad Al-Mojil Group Co. (MMG AB) slumped 10 percent to 17.2 riyals, bringing its drop in the past two days to 19 percent, the biggest such slump on record. The Saudi Arabian construction services provider said its fourth-quarter loss widened to 1 billion riyals from 215.2 million a year earlier.

United Development Co. (UDCD QD) climbed to the highest in a month, gaining 1.2 percent to 25.2 riyals. The Qatari company involved in infrastructure and energy said an investor is seeking to become a strategic shareholder.

United International Transportation Co. (BUDGET AB) surged to the highest since October 2010, advancing 1.3 percent to 57.75 riyals. The Saudi Arabian car-rental company said it will seek shareholders approval to raise its capital by 33 percent to 244 million riyals ($65 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

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