Markets

Middle East Stocks Mixed, Saudi Shares Rise with Oil

Mideast shares were mixed, with Saudi Arabia rising with higher oil prices.

Brent oil hit a 2019 high above $72 per barrel on steady China growth and a drop in US crude stocks.

Separately, Dubai's March Purchasing Managers Index (PMI) hit a 10-month high at 57.6, led by travel and tourism industry and wholesale and retail in the non-oil business activity. Construction was the weakest in 28 months.

In company news, Riyad REIT acquired a 40% stake in the leasehold interest of an office building in the United States. The investment is expected to generate a net yield of more than 8% for its shareholders, the company said.

Meanwhile, some Egyptian shares are feeling heat from recent political upheaval in Sudan. El Sewedy said

its business exposure to Sudan amounted to around 1.1% of its profit as of last year, and Qalaa Holdings said

ongoing events in Sudan affected its cement plant operations for a day.

Saudi Arabia's main index jumped 1.1% to 9,238 points, Abu Dhabi firmed 0.5% to 5,237 points, Dubai added 0.8% to 2,813 points, Qatar gained 0.5% to 10,308 points, Egypt dropped 0.7% to 14,864 points, Bahrain inched higher 0.1% to 1,445 points, Oman slipped 0.2% to 3,977 points and Kuwait eased 0.1% to 6,175 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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