Middle East Stocks Mixed, Commercial Bank Results Top Estimates
MidEast shares were mixed, with Qatar rallying with help from strength in Commercial Bank after the bank reported earnings.
Commercial Bank reported a 345% year-on-year jump in Q1 net profit to 405 million riyals ($111 million), topping the average forecast from analysts polled by Reuters of 329.5 million riyals.
Saudi Arabia's market continued to gain from expectations for foreign fund inflows in the coming two years as the kingdom joins emerging market indexes.
In other company news, PetroRabigh reached the highest level since October 2014 with the company set to go ex-dividend next Wednesday.
Dubai Islamic Bank said quarterly net profit rose 17% from the year-earlier period.
Emirates posted a 27% increase in quarterly profit that beat analysts' estimates.
Pioneers Holding said it would increase its capital by 30%. New shares will be sold to existing shareholders at 5 pounds per share.
Saudi Arabia's main index edged up 0.6% to 8,146 points, Dubai slumped 1.4% to 3,088 points, Abu Dhabi slipped 0.5% to 4,682 points, Qatar soared 1.1% to 9.055 points, Egypt declined 0.5% to 17,706 points, Kuwait dipped 0.1% to 4,778 points, Oman fell 0.4% to 4,752 points and Bahrain was flat at 1,302 points.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.