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Middle East Markets Mixed, Saudi Arabia Slides to 3-Yr Low As Oil Drops to Near 11-Yr Low

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Middle East stocks were mixed, with Saudi Arabia's main index hitting a three-year low and Dubai touched a two-year low before recovering. Brent crude's drop to near 11-year lows weighed on sentiment.

Meanwhile, Egypt's market inched up after Egypt's central bank on Sunday surprised investors and injected more foreign currency liquidity into the banking system, helping restore confidence among some foreign stock traders.

In company news, Almarai announced a dividend distribution of 1.15 riyals per share for 2015, 15% higher than 2014's dividend and will be the dairy company's biggest payout since 2011.

Viva slipped to 1 dinar after parent firm Saudi Telecom Co ( STC ) said it would offer 1 dinar per share to buy up Viva's remaining stock.

Saudi Arabia's main index plunged 1.2% to 6,686 points, Dubai jumped 1.2% to 2,916 points, Abu Dhabi added 0.6% to 4,026 points. Qatar gained 1% to 9,743 points, Kuwait slipped 0.6% to 5,602 points, Egypt firmed 0.2% to 6,408 points, Bahrain dipped 0.5% to 1,207 points and Oman fell 0.2% to 5,404 points

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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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