Gulf Arab Stocks Movers: Aabar, Agility, Gulf Bank and Zain

27/06/2010 00:00 AST

Dubai’s DFM General Index gained 0.3 percent to 1,543.09 as of 11:29 a.m. in the emirate. Abu Dhabi’s measure slipped 0.1 percent, Kuwait’s gauge dropped 0.6 percent and the Bloomberg GCC 200 Index retreated 0.3 percent.

The following stocks rose or fell in the Gulf. Symbols are in parentheses.

Aabar Investments PJSC (AABAR UH) declined 6.5 percent, the most in three weeks, to 1.59 dirhams. The largest shareholder in Daimler AG will seek shareholder approval to convert into a private joint-stock company and cancel its Abu Dhabi listing.

Agility (AGLTY KK) retreated 2.7 percent, the most since June 15, to 360 fils. The Middle East’s largest storage and logistics company may still be overbilling the U.S. on military supplies, federal prosecutors said in a pretrial hearing in a criminal case against Agility.

Gulf Bank KSC (GBK KK) lost the most in almost three weeks, sliding 3.4 percent to 430 fils. Gulf Bank may allocate 35 million dinars ($120 million) for provisions in the second- quarter and may report a first-half profit of about 1 million dinars, Al-Qabas reported, citing unidentified people familiar with the matter.

Mobile Telecommunications Co. (ZAIN KK) dropped for a second day, declining 1.8 percent to 1,120 fils. The phone company known as Zain is in talks with Emirates Telecommunications Corp. to sell a majority stake in Zain Group, Al-Seyassah reported, without saying where it got the information. Etisalat wasn’t immediately able to comment when contacted by Bloomberg News today. The company’s shares added 0.5 percent to 10.4 dirhams.

Separately, Zain’s unit in Kenya obtained a 3G license, the country’s Communications Commission said.

Bloomberg