Markets

Middle East Shares Mixed; Dubai Closes at 6-Wk High

MidEast stocks were mixed, with Dubai reaching a six-week high close.

Dubai Investment jumped ahead of Wednesday's dividend registration deadline.

Insurers also rose after the head of the United Arab Emirates Insurance Authority said on Monday that several takaful players were seeking guidance from the regulator on the possibility of mergers and acquisitions in the sector, Reuters reports.

Meanwhile, Saudi stocks fell amid disappointing corporate news. Al Rajhi dropped after reporting an 11% decline in Q1 profits to 1.52 billion riyals ($405 million), below Reuters' mean estimate for 1.61 billion riyals.

Yanbu National Petrochemical Co reported a 48.7% drop in Q1 net profit to 285.1 million riyals, below the average forecast for 440.8 million riyals.

In other company news, Kout Food Group said it would seek shareholder approval to delist from Kuwait as its share price did not reflect its business performance and the stock's liquidity was low.

Medinet Nasr Housing and Development announced a bonus share issue at a ratio of about one-to-four.

Saudi Arabia's main index eased 0.8% to 8,966 points, Dubai gained 1.3% to 3,825 points, Abu Dhabi firmed 0.2% to 4,596 points, Qatar dropped 0.4% to 11,778 points, Egypt added 0.4% to 8,928 points, Kuwait rose 0.1% to 6,282 points, Oman slipped 0.4% to 6,242 points and Bahrain lost 0.5% to 1,434 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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