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Persian Gulf Stocks: Dubai Financial Market and Taqa Moves

Dubai’s benchmark DFM General Index fell 0.4 percent to 1,470.45, the lowest since June 14, at the close in the emirate. The index rose 0.5 percent this week. Qatar’s QE Index decreased 0.6 percent today, while Saudi Arabia’s market was closed for the weekend.

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

Abu Dhabi National Energy Co. (TAQA UH) advanced to the highest since April 25, gaining 3.2 percent to 1.28 dirhams. The state-controlled power and oil producer known as Taqa signed a multicurrency project finance loan of $1.4 billion-equivalent to expand its Jorf Lasfar thermal power plant in Morocco.

Dubai Financial Market PJSC (DFM UH), the only publicly traded Arab stock market, fell to the lowest in more than a week, retreating 0.6 percent to 95.7 fils. The United Arab Emirates missed a potential promotion to emerging-market status from frontier markets at MSCI Inc. and will be reconsidered for an upgrade in 2013, the New York-based index provider said yesterday.

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