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Persian Gulf Stocks: ADCB, Drake & Scull, Nawras, Shuaa Capital

Abu Dhabi’s ADX General Index rose 0.3 percent, the biggest increase since April 18, to 2,512.19 at the 2 p.m. close in the emirate. The DFM General Index fell 0.6 percent.

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

Abu Dhabi Commercial Bank PJSC (ADCB UH) rose the most since April 1, gaining 2.2 percent to 3.20 dirhams. The United Arab Emirates’ third-biggest lender posted a 38 percent increase in first-quarter profit to 802 million dirhams ($218 million).

Dlala Brokerage & Investment (DBIS QD) surged to the highest since September 2008, rallying 4.1 percent to 47.9 riyals. The Qatari asset manager and stockbroker said first-quarter profit rose 26 percent to 15.3 million riyals ($4.2 million).

Drake & Scull International PJSC (DSI UH) advanced the most since March 13, climbing 2.2 percent to 98.9 fils. The Dubai-based construction company said it won a contract valued at 470 million dirhams in Abu Dhabi.

Omani Qatari Telecommunications Co. (NWRS OM) tumbled to the lowest on record, slumping 4.4 percent to 0.566 rial. The unit of Qatar Telecom QSC said first-quarter profit fell 19 percent to 9.8 million rials ($25 million) as revenue from text messaging declined.

Shuaa Capital PSC (SHUAA UH) fell the most in more than a week, dropping 1.9 percent to 78 fils. The Dubai-based investment bank had its ratings cut to B1 from Ba3 and assigned a negative outlook at Moody’s Investors Service.

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