Gulf Stocks: Abu Dhabi Commercial, Al-Madina, Emaar Properties and Salama
The Dubai Financial Market General Index rose for a second day, adding 0.2 percent to 1,863.58 at 10:42 a.m. in the emirate. Abu Dhabi's ADX General Index advanced 0.5 percent and Kuwait's bourse increased 0.1 percent.
The following stocks rose or fell in the Gulf. Symbols are in parentheses.
Abu Dhabi Commercial Bank PJSC (ADCB UH) is headed for the highest close since November, gaining 2.4 percent to 2.14 dirhams. The United Arab Emirates' third-biggest bank by assets said it "concluded" a treasury joint venture with Australia's Macquarie Bank Ltd. Its infrastructure venture with Macquarie, which was set up in 2005, remains in place.
Al-Madina for Finance and Investment Co. SAKC (ALMADINA KK) rose 4.6 percent, the most in two weeks, to 68 fils. The Kuwaiti Islamic investment company said it is appealing against an arbitration initiated by Global Investment House KSCC and the result won't affect its financial results, according to a statement to the local bourse. Global is seeking $10 million from Al-Madina.
Emaar Properties PJSC (EMAAR UH) advanced 2 percent to 4.16 dirhams, the highest intraday level in a week. The U.A.E.'s biggest developer plans to convert 4.5 billion dirhams ($1.2 billion) in debt maturing this year into "long term" project financing, Emirates Business 24/7 reported, citing a company spokesman.
Islamic Arab Insurance Co. (SALAMA UH) declined 3.2 percent, the most in almost a week, to 0.92 dirham. The U.A.E.'s Islamic insurer known as Salama said its board recommended paying no dividend for 2009.
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