Middle East Stocks Mixed, Saudi Shares Rise On Hopes of MSCI and FTSE Upgrade
MidEast shares were mixed, with Saudi Arabia boosted by the financial sector and foreign cash inflows in hopes MSCI and FTSE will upgrade the country's emerging market status. FTSE is expected to make a decision by the end of March.
In company news, Doha Bank went ex-dividend.
GFH Financial Group reportedly attracted bids after the appointment as chairman last month of the chief executive of Abu Dhabi Financial Group, pointing to a stronger involvement of Abu Dhabi in the firm.
Dana Gas remained volatile without a resolution in the company's negotiations with creditors on a potential out-of-court settlement of its sukuk dispute.
Saudi Arabia's main index gained 1.5% to 7,562.11 points, Dubai shed 0.8% to 3,157.45 points, Abu Dhabi inched up 0.2% to 4,527.10 points, Qatar fell 0.8% to 8,308.34 points, Egypt rose 0.5% to 16,472.28 points, Kuwait fell 0.4% to 6778.18 points, Bahrain added 0.3% to 1,370.246 points and Oman firmed 0.03% to 4,929.800 points.
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