Gulf Stocks: Renaissance Services, Taqa, United Real Estate
The following stocks rose or fell in the Persian Gulf region. Symbols are in parentheses.
Abu Dhabi National Energy Co. (TAQA) retreated to the lowest since Feb. 23, losing 1.4 percent to 1.38 dirhams. The state-run utility known as Taqa said first-quarter profit dropped 47 percent to 152 million dirhams ($41 million) on higher costs and taxes.
Renaissance Services SAOG (RNSS) slumped to the lowest since November, losing 6.1 percent to 0.945 rial. The Omani provider of services to the oil and gas industry said first- quarter profit tumbled 80 percent to 935,000 rials ($2.43 million).
Tamweel PJSC (TAMWEEL) , the home finance company majority owned by Dubai Islamic Bank PJSC, lost 10 percent to 80.2 fils, the lowest on record. The shares dropped for a second day as they resumed trading yesterday more than two years after being suspended pending its reorganization.
United Real Estate Co. (URC) retreated a second day this week, falling 2.9 percent to 99 fils. The Kuwaiti company that leases, buys and sells properties said first-quarter profit declined to 1.26 million dinars ($4.6 million) from 2.4 million dinars a year earlier.
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