Middle East Stocks Mixed, Saudi Shares Buoyed by Oil While Egypt Climbs to 5-Month High
MidEast shares were mixed, with Saudi stocks buoyed by higher oil prices .
Saudi shares also are finding underlying support from its inclusion soon in the FTSE Russell's emerging market index in March and MSCI's emerging market benchmark following a two-step inclusion process in May and August.
Egypt reached the highest level since September 2018, with Commercial International Bank still benefiting from a 37% jump in its Q4 net profit and the approval of an increase in its authorised capital to EGP 50 billion ($2.9 billion) from EGP 20 billion.
In company news, Al Andalus Property announced the Aljawharah Alkubra project which, it estimated, will cost around 873 million riyals.
Union National said after the market close full-year net profit fell 28%.
Abu Dhabi Aviation reported a full-year net profit attributable to shareholders of 231.4 million dirhams ($63 million), down from 243.6 million dirhams a year earlier.
GFH Financial Group said Q4 net profit attributable to shareholders fell to $10.6 million from $17 million a year earlier.
Saudi Arabia's main index rose 0.7% to 8,600 points, Dubai slipped 0.5% to 2,485 points, Abu Dhabi eased 0.4% to 5,024 points, Egypt gained 1% to 14,928 points, Kuwait added 0.9% to 5,504 points, Oman declined 0.4% to 4,125 points and Bahrain lost 0.7% to 1,389 points. Qatar was closed for a holiday.
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