Markets

Middle East Stocks Mixed, Dubai Boosted by Real Estate Stocks on Predictions of Recovery

Middle East shares were mixed, with Dubai gaining after ValuStrat said in a report on Sunday the market had a good chance of starting to recover in the second half of 2016.

In company news, National Shipping Co of Saudi Arabia (Bahri) rose after a senior executive told Reuters the company planned to expand its fleet of very large crude carriers to around 46 by end-2018 from 36 now, which would probably make it the world's biggest operator of such ships.

Riyad Bank reported a 1.6% year-on-year rise in Q2 net profit to 1.15 billion riyals ($306.6 million) to beat an average forecast by Reuters of 1.03 billion riyals.

National Bank of Kuwait said quarterly profit rose 7.2% to 71.68 million dinars ($237.2 million), missing estimates for 79.04 million dinars on average.

Arabian Food Industries is planning to invest 240 million Egyptian pounds ($27 million) in 2016-17 to fund expansion and increase production capacity, vice chairman Mohamed Damaty told Reuters.

Saudi Arabia's main index firmed 0.02% to 6,682 points, Egypt added 0.4% to 7,629 points, Dubai rallied 1.4% to 3,535 points, Abu Dhabi slipped 0.3% to 4,586 points, Qatar rose 1.6% to 10,585 points, Kuwait eased 0.2% to 5,380 points, Oman fell 0.5 % to 5,844 points and Bahrain dipped 0.1% to 1,164 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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