Middle East Stocks Mixed Amid Some Profit-Taking Ahead of Eid Holiday, Dubai Stimulus Plans Shrugged Off
MidEast shares were mixed amid some profit-taking ahead of the Eid holiday.
Eid al-Fitr lasts for about two days and falls at the end of next week.
Dubai slipped despite an economic stimulus plan. Its rulers said they would reduce municipal fees, scrap some aviation charges and freeze school costs in the latest of a series of efforts to reduce corporate costs and stimulate economic growth. But it remains unclear whether such steps can revitalise a slumping real estate market.
Egypt was weighed by telecommunications stocks, which weakened on expectations the government will cut fuel and electricity subsidies in the next financial year.
In company news, Saudi Pharmaceutical Industries said it earned167.6 million riyals profit from selling shares in Yansab, and would use the proceeds to finance its projects.
Saudi Arabia's main index shed 0.5% to 8,344 points, Dubai lost 0.5% to 3,042 points, Abu Dhabi firmed 0.2% to 4,663 points, Qatar lost 0.9% to 9,242 points, Kuwait rose 0.6% to 4,758 points, Bahrain dipped 0.2% at 1,264 points, Oman gained 0.3% to 4,596 points and Egypt inched up 0.1% to 15,924 points.
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