Middle East Shares Mostly Drop Ahead of U.S. Decision on Iran Nuclear Deal
MidEast stocks mostly declined, with investors cautious ahead of U.S. President Donald Trump's decision about the Iran nuclear deal.
Trump is slated to make his announcement at 2 PM ET.
In company news, Zain Saudi swung to a Q1 loss from the year-ago period and lost nearly 2 million subscribers. It lost 77 million riyals ($20.5 million), compared with a profit of 45 million riyals a year ago and missing EFG Hermes and Al Rajhi Capital's forecasts for losses of 42.5 million riyals and 33 million riyals, respectively.
Dubai Financial Market said Q1 net profit dropped by more than half.
Qalaa Holdings said it aimed to increase its indirect ownership in Egyptian Refining Co.
Saudi Arabia's main index slumped 1.3% to 8,013 points, Dubai slipped 0.5% to 2,949 points. Abu Dhabi dropped 1.3% to 4,479 points, Qatar shed 1.3% to 8,870 points, Kuwait eased 0.2% to 4,786 points, Bahrain shed 0.4% to 1,273 points, Oman fell 0.4% to 4,691 points and Egypt jumped 1.7% to 17,814 points.
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