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Middle East Shares Mostly Lower but Egypt Rises

Mideast stocks mostly declined but Egypt jumped. However, volume was thin with some investors still away on year-end holidays.

In company news, Talaat Mostafa said sales last year reached 21.3 billion Egyptian pounds ($1.2 billion), up from 13.1 billion pounds in the year-ago period.

Mesaieed Petrochemical said major shareholder Qatar Petroleum had finished distributing a tranche of free incentive shares to investors, which may improve liquidity in the stock.

United Development Co said it had sold its stake in Seef Ltd to Qatar Petroleum for 214.4 million riyals ($59 million).

Saudi Arabia's main index dipped 0.1% to 7,791 points, Dubai shed 0.4% to 2,521 points, Qatar eased 0.2% to 10,280 points, Abu Dhabi slumped 1% to 4,867 points, Egypt jumped 1.3% to 13,204 points, Kuwait firmed 0.7% to 5,305 points, Oman slipped 0.7% to 4,302 points and Bahrain lost 0.6% to 1,329 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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