Markets

Middle East Stocks Mixed, Weighed by Oil Prices

Middle East shares were mixed, weighed by a drop in Brent crude prices below $50 per barrel.

However, positive data lent support. The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers' Index climbed to 57.7 points last month from 56.1 in June, which was its lowest level since the survey was launched in August 2009.

UAE purchasing managers' data showed non-oil private sector growth rebounded in July from a 22-month low in June.

In company news, Mobily continued to weaken, hitting a fresh six-year low, after the company negatively restated 2013-2014 and Q115 results.

Saudi Airline Catering announced a quarterly dividend of 1.75 riyals, the same as in the last four quarters.

Aldar Properties said Q2 profits rose 18% from a year ago.

Industries Qatar reported a 20% increase in Q2 profit to 1.5 billion riyals ($412 million) against analysts' average estimate of 1.21 billion riyals.

Emaar Misr posted a 283% jump in net profit for the first half of this year and strong sales growth.

Heliopolis Housing reported an 11.4% increase in net profit for the 2014/15 fiscal year.

Ezz Steel rose after state company EGAS confirmed earlier media reports about plans to contract a new floating liquefied natural gas terminal. The deal could help Egypt boost LNG imports and ease energy shortages that have forced companies such as steel makers to curb output, Reuters reports.

Saudi Arabia's main index slipped 0.6% to 8,769 points, Dubai fell 0.6% to 4,097 points, Abu Dhabi eased 0.2% to 4,812 points, Qatar rose 0.5% to 11,812 points, Egypt jumped 1.2% to 8,182 points, Kuwait inched up 0.2% to 6,224 points, Qatar shed 0.5% to 6,467 points and Bahrain gained 0.2% to 1,333 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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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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