Middle East Stocks Mixed, Dubai's Winning Streak Ends

Middle East shares were mixed, with Dubai's 10-session winning streak ended with a slightly lower close.

In company news, Emirates NBD's board meeting is scheduled on April 16 to approve its Q1 financial statement. On Wednesday, the lender said it would receive 554.5 million pounds ($725.6 million) from the sale of a stake in Network International through a secondary listing of the shares in London. Emirates NBD sold 127.5 million shares in the payment processor, reducing its stake to 25.5%.

Qatar National Bank's Q1 results missed estimates from EFG Hermes.

First Abu Dhabi Bank (FAB) said it had received regulatory approval to increase its foreign ownership limit to

40% from 25%.

ADNOC Distribution traded ex-dividend.

National Industrialization Company (Tasnee) rose to its highest since August 2018. Tasnee said its unit Cristal completed the sale of its titanium dioxide business to Tronox Holdings. Cristal will receive a cash consideration of $1.67 billion and a 24% equity stake in Tronox.

Saudi Arabia's main index firmed 0.1% to 9,088 points, Abu Dhabi eased 0.1% to 5,052 points, Dubai dropped 0.6% to 2,790 points, Qatar inched up 0.2% to 10,259 points, Egypt was flat at 15,106 points, Bahrain fell 0.3% to 1,438 points and Kuwait added 0.2% to 6,126 points.

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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