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Middle East Stocks Mostly Fall, But Abu Dhabi Rises for Fourth Straight Session


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MidEast shares mostly declined, but Abu Dhabi managed to gain for the fourth straight session.

In economic news, Dubai's government forecast the economy to grow 2.1% in 2019, up from 1.94% in 2018, which was its slowest pace since a 2009 contraction.

In company news, Abu Dhabi Commercial Bank's chief executive Alaa Eraiqat on Sunday was appointed chairman of Al Hilal Bank, with which ADCB is expected to merge with Union National Bank in the first half of 2019.

National Marine Dredging's shareholders approved an increase in its cash dividend to 25% from the 22% the board had proposed.

Saudi Kayan Petrochemical swung to a Q1 loss from a profit last year.

Gulf International Services' Gulf Drilling International unit signed a 3-year contract with oil field developer North Oil.

Oriental Weavers Carpet Co traded ex-dividend.

Kuwait Projects traded ex-dividend.

Saudi Arabia's main index fell 0.5% to 9,195 points, Abu Dhabi added 0.8% to 5,386 points, Dubai was flat at 2,821 points, Qatar firmed 0.4% to 10,401 points, Egypt eased 0.3% to 14,801 points, Bahrain lost 0.3% to 1,443 points, Oman slipped 0.2% to 3,979 points and Kuwait slumped 1.3% to 6,169 points.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.





This article appears in: Investing , Stocks




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