Markets

Middle East Shares Mostly Gain Amid Slight Rebound in Oil, Global Stocks

MidEast stocks mostly rose as oil prices and global markets recovered some footing.

However, volume was light, showing little conviction for an extended rally.

Brent crude rose above $48 per barrel again, lending some support.

In company news,SABB Takaful got a boost after Standard & Poor's said in a report this week gross insurance premiums in Saudi Arabia could rise nearly 25% this year, mainly because of tariff increases.

Al Madina for Finance and Investment Co said it had signed a full debt settlement with Kuwait & Middle East Financial Investment Co that would cut its debt by 3.98 million dinars ($13.2 million).

Qalaa Holdings rose after a local newspaper reported it was expected to finalize the sale of its stake in Misr Glass Manufacturing within a few weeks, part of a series of asset disposals. Qalaa had earlier said the sale was expected to close in Q215.

Saudi Arabia's main index gained 0.9% to 7,404 points, Dubai advanced 1.1% to 3,593 points, Abu Dhabi firmed 0.6% to 4,503 points, Qatar rose 1.7% to 11,465 points, Egypt firmed 0.02% to 7,333 points, Kuwait slid 0.4% to 5,726 points, Oman added 0.5% 5,788 points and Bahrain inched up 0.1% to 1,276 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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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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