Stocks

Middle East Mixed, Abu Dhabi Reaches Highest Level in Almost 5 Years

MidEast stocks were mixed, with Abu Dhabi climbing to the highest level since May 2014.

In company news, First Abu Dhabi Bank reached an all-time high after the company last week received regulatory approval to increase its foreign ownership limit to 40% from 25%.

Bank Albilad said Q1 net profit grew more than 23%.

Qatar Electricity And Water's Q1 net profit fell nearly 22%. It said it aims to generate 40% of its profit from foreign investment arm Nebras Power over the next 10 years.

Saudi Arabia's main index inched up 0.4% to 9,088 points, Abu Dhabi rose 0.9% to 5,222 points, Dubai added 0.6% to 2,805 points, Qatar eased 0.1% to 10,222 points, Egypt dipped 0.1% to 15,055 points, Bahrain dropped 0.3% to 1,441 points, Oman gained 0.5% to 4,012 points and Kuwait edged up 0.2% to 6,136 points.

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

Latest Stocks Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More