MidEast Shares Mixed, Saudi Arabia and Egypt See Profit-Taking


MidEast shares were mixed, with Saudi Arabia and Egypt heading lower in profit-taking.

In Egypt, Amer Group fell after it said its partner in a hotel project in Syria had filed an arbitration lawsuit against Amer, seeking the termination of the contract and compensation of $176 million. Amer said it rejected claims made in the lawsuit.

Qatar gained on expectations for fund inflows when a few local stocks get higher weightings in MSCI's emerging market index.Industries Qatar and Qatar National Bank were among the winners as investors expect passive foreign funds to invest about $100 million of additional funds in the local market - mostly into those two stocks - when MSCI increases their weightings in its emerging market benchmark at the end of this month.

Saudi Arabia's main index slipped 0.6% to 10,843 points, Egypt fell 1% to 9,403 points, Dubai added 0.1% to 4,970 points, Abu Dhabi eased 0.05% to 5,079 points, Kuwait dipped 0.04% to 7,389 points, Oman lost 0.2% to 7,342 points, Qatar firmed 0.8% to 13,866 points and Bahrain lost 0.8% to 1,474 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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