Markets

Middle East Shares Mostly Rise as Oil Prices Stabilize

MidEast stocks mostly gained as oil prices stabilized, with Brent crude remaining near $38 per barrel.

In Dubai, property stocks rose amid bargain hunting.

In company news, Bank Aljazira said on Monday it had scrapped a planned rights issue because of current market conditions.

Almarai rose for a second day since announcing it would pay a dividend of 1.15 riyals per share for 2015, 15% higher than its payout for 2014. The company is interested in buying a majority stake in National Food Products Company ( NFPC ), an Emirati food and dairy manufacturer and distributor, sources told Reuters.

Saudi Arabia's main index jumped 1.3% to 6,772 points, Dubai added 0.1% to 2,920 points, Abu Dhabi eased 0.3% to 4,015 points, Qatar added 0.5% to 9,790 points, Egypt firmed 0.2% to 6,421 points, Kuwait gained 0.3% to 5,616 points, Bahrain slipped 0.8% to 1,197 points and Oman fell 0.7% to 5,366 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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