Markets

Middle East Stocks Mixed, Saudi Stocks End Near Flat on Late State-Linked Fund Buying

MidEast shares were mixed, with Saudi Arabia closing near steady reportedly on state-linked funds.

Many asset managers believe state-linked fund buying has been propping up the market in an effort to stabilize the market after an anti-corruption crackdown resulted in more than 2,000 frozen bank accounts and detainment of some of the country's top business tycoons and officials.

In company news, Banque Saudi Fransi said on Wednesday CEO Patrice Couvegnes had been dismissed and would be replaced by Rayan bin Mohammed Fayez, who resigned as CEO of food maker Savola Group.

Emaar Properties priced the IPO of its unit Emaar Development at 6.03 dirhams per share, in the lower half of an indicative range of 5.7-6.9 dirhams set earlier this month.

Al Mal Investment Co jumped after investment firm Al Khair National said it intended to sell its entire stake in Al Mal.

Saudi Arabia's main index inched up 0.02% to 6,913 points, Dubai dipped 0.2% to 3,460 points, Abu Dhabi eased 0.2% to 4,328 points, Qatar firmed 0.8% to 7,826 points, Egypt slumped 1.3% to 13,847 points, Kuwait gained 0.4% to 6,309 points, Bahrain rose 0.4% to 1,270 points and Oman edged lower 0.1% to 5,106 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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