MidEast stocks were mixed, with Qatar surging after the government there released its 2018 budget.
The plan includes a 2.4% rise in spending. It said it expected to award 29 billion riyals ($8.0 billion) of contracts to support growth in the private sector next year, part of a drive to diversify and strengthen the economy in the face of the boycott.
Dubai sank, though, weighed by Emaar Properties' closing at the lowest level since June. The company said it would pay a special dividend of four billion dirhams ($1.1 billion) related to its listing of Emaar Development - three billion dirhams next month and one billion after its annual general assembly in April. That equates to a dividend of 0.56 dirham a share, which is below what some investors had expected.
Abu Dhabi inched up after a positive debut of the fuel distribution unit of Abu Dhabi National Oil Co in the market's first initial public offer in six years.
In other company news, Al Tayyar Travel announced a transformation plan that includes new products such as insurance and holiday activities, and boosting reservations on electronic platforms.
Ezdan Holding rose to the highest close since September. After the close, Abdullah Ahmed Taher, filed a suit seeking to annul the shareholders' meetings which approved its decision earlier this year to go private - a decision which caused the stock to plunge.
Saudi Arabia's main index dipped 0.4% to 7,094 points, Dubai slumped 1.4% to 3,404 points, Abu Dhabi firmed 0.1% to 4,384 points, Qatar soared 2.2% to 8,207 points, Egypt rose 0.4% to 14,651 points, Kuwait gained 0.7% to 6,238 points, Bahrain was flat at 1,264 points and Oman edged up 0.3% to 5,066 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.
