Middle East Shares Mostly Rise, Saudi Stocks Gain on Strong Saudi Telecom Results

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Middle East stocks were mostly higher, with Saudi shares jumping on a rise in telecom stocks.

Telecom stocks gained with help from Saudi Telecom, which beat analysts' estimates with a net profit of 3.62 billion riyals ($965 million), up from 393 million riyals in the prior-year period. Analysts on average forecast STC's profit would be 2.51 billion riyals.

Gains were reined in, however, by weak petrochemical stocks after some disappointing results.

Saudi Arabia's main index edged up 0.08% to 8,734 points, Qatar firmed 0.7% to 11,147 points, Kuwait inched up 0.2% to 7,756 points, Dubai eased 0.1% to 3,665 points, Abu Dhabi added 0.2% to 4,581 points, Egypt gained 0.7% to 7,087 points, Oman rose 0.2% to 7,176 points and Bahrain lost 0.3% percent to 1,277 points.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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