Middle East Stocks Flat To Higher, Qata Climbs to Highest in Nearly 2 Years

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MidEast shares were flat to higher, with Qatar rising to the highest level in almost two years.

On the economic front, Egypt's annual urban consumer price inflation decreased to 12% in December from 15.7% in November.

Growth in the UAE's non-oil private sector fell in December to its slowest rate since October 2016, a survey showed, according to Reuters.

The seasonally adjusted Emirates NBD UAE Purchasing Managers' Index dropped to 54.0 in December from 55.8 in November.

In company news, Al Khodari's board proposed to use its statutory reserve of 71 million riyals ($19 million) to reduce a part of its losses. The proposal seeks to cut accumulated losses to 202 million riyals from 273 million.

Commercial International Bank said its board had approved a capital increase to 50 billion Egyptian pounds ($2.8 billion) from 20 billion pounds.

Qatar National Bank is raising a 2 billion euro ($2.3 billion) syndicated loan, according to LPC, a fixed income news service that is part of Refinitiv.

Saudi Arabia's main index gained 0.8% to 8,210 points, Dubai inched up 0.2% to 2,546 points, Qatar jumped 1.2% to 10,658 points, Abu Dhabi rose 0.2% to 4,962 points, Egypt was flat at 13,367 points, Kuwait rallied 1.2% to 5,453 points, Oman was flat at 4,31 points and Bahrain firmed 0.3% to 1,342 points.

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