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.

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