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Middle East Stocks Flat to Lower, Saudi Shares Continue to See More Profit Taking

MidEast shares were flat to lower, with Saudi stocks tumbling amid more profit-taking, mostly among foreign funds, after the index last week reached a more than two-year high. However, some note volume should be dwindling with Ramadan in two weeks.

In company news, Al Rajhi Bank reported a 7.3% rise in Q1 net profit on Tuesday, marking the ninth quarter of earnings growth in a row and in line with analysts' estimates.

Drake and Scull ( DSI ) did not get approval to increase its capital via a new strategic partner. However, Abu Dhabi investor Tabarak said it has not sold any shares in the company and reassured on its long-term commitment. Tabarak owns 5.5% of DSI.

Emaar Properties said quarterly net profit rose 8.5%.

Vodafone Qatar reported a net profit of 17.5 million riyals ($4.8 million) for Q1, its first ever quarterly profit and rebounding from a net loss of 74.2 million in the year-ago period.

Ezdan Holding said Q1 net profit tumbled to 103 million riyals ($28.30 million), from 946 million riyals a year earlier, largely due to the sale of investment funds by some of its group subsidiaries.

Saudi Arabia's main index dropped 0.6% to 8,158 points, Dubai tumbled 1.2% to 3,031 points, Abu Dhabi was flat at 4,673 points, Qatar slid 1.1% to 9,014 points, Kuwait was flat at 4,781 points and Oman was unchanged at 4,731 points. Bahrain and Egypt were closed for public holidays.

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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