Persian Gulf Stocks: Maaden, National Shipping, Savola, Zamil
Dubai’s shares rose 1.6 percent, the most since Dec. 28, to 1,331.22 at the 2 p.m. close in the emirate. Qatar’s QE Index (DSM) slipped 0.5 percent, while Saudi Arabia’s Tadawul All Share Index (SASEIDX) rose 0.1 percent, trimming its drop for the week to 1.7 percent.
The following shares were active in the Persian Gulf region. Stock symbols are in parentheses.
National Shipping Co. of Saudi Arabia (NSCSA AB) advanced the most since Jan. 14, rising 2 percent to 12.55 riyals. The Saudi operator of crude oil and chemical tankers said fourth- quarter net income more than doubled to 113.6 million riyals ($30 million) from 55.4 million riyals a year earlier.
Savola Group (SAVOLA) rallied to the highest in almost a year, gaining 2.1 percent to 29.1 riyals. The Saudi Arabian food producer said fourth-quarter profit surged to 498.6 million riyals from 2 million riyals in the year-earlier period.
Saudi Arabian Mining Co. (MAADEN) , the state-controlled company known as Maaden, increased the most since Oct. 29, climbing 2 percent to 25.4 riyals. The company reported a profit of 280 million riyals in the fourth quarter on higher gold prices and after starting commercial production of ammonia. It had a loss of 61 million riyals a year earlier.
Saudi Company for Industrial Development (SIDC (SIDC) AB) soared to the highest since May 2008, rallying 3.4 percent to 19.55 riyals. The company that invests in manufacturers in the Jeddah area said fourth-quarter net income was 2.9 million riyals after a loss in the year earlier.
Union Properties PJSC (UPP) surged 12 percent, the most since April 14, to 26.5 fils. The Dubai-based developer rescheduled repayment of 2.7 billion dirhams ($735 million) of debt owed to Emirates NBD PJSC until 2017, Chairman Khalid Jassim bin Kalban said.
Zamil Industrial Investment Co. (ZIIC) closed at the lowest in almost a month, declining 1.4 percent to 28 riyals. The Saudi maker of building materials said fourth-quarter profit fell to 36 million riyals from 61.3 million riyals in the year- earlier period.
To contact the reporter on this story: Zahra Hankir in Dubai at email@example.com
To contact the editor responsible for this story: Claudia Maedler at firstname.lastname@example.org