Markets

Middle East Shares Mostly Slip But Egypt Gains on Technicals and Earnings

MidEast shares mostly fell, but Egypt ended at the highest level since late March.

Egyptian shares were boosted by positive technicals and earnings.

Talaat Moustafa posted a 15% rise in Q1 after-tax profit. Ezz Steel said its 2013 profit was 134 million Egyptian pounds ($19 million), up from 8 million pounds in 2012.

Meanwhile, Dubai. Abu Dhabi and Qatar edged lower the day before index compiler MSCI plans to detail which stocks from the UAE and Qatar will become part of its emerging markets index and with what weights.

Dubai's main index dipped 0.2% to 5,319 points, Abu Dhabi slipped 0.4% to 5,016 points, Qatar eased 0.1% to 13,161 points, Saudi Arabia inched up 0.04% to 9,820 points, Egypt added 1.9% to 8,467 points, Kuwait fell 0.1% to 7,395 points, Bahrain was flat at 1,468 points and Oman shed 0.1% to 6,755 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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