MidEast Shares Gain on Earnings, Many Still Closed for Eid Holiday

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Middle East stocks that were open rose, buoyed by strong Q2 results from banks and expectations real estate developers will also show an impressive quarter.

Many markets have been closed for the Eid holiday.

In Dubai, Dubai Islamic Bank posted a 59.6% jump in Q2 profits.


Commercial International Bank gained after beating Q2 estimates.

Arabtec rose although former CEO Hasan Ismaik continued to trim his stake, which has dropped since last week to 28.59% from the original 28.85%.

Developer Heliopolis Housing jumped on strong FY results.

Dubai's main index rose 2% to 4,833 points, Abu Dhabi gained 1% to 5,055 points and Egypt added 1% to 8,826 points.



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

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This article appears in: Investing , Commodities

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