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Middle East Stocks Mostly Down But Egypt Scores Best Day in 2 Years on Inflation Data

Middle East shares mostly fell, but Egypt had its best day in two years after data showed a drop in annual inflation.

Egypt's annual urban consumer price inflation fell to 15.7% in November from 17.7% in October, the official statistics agency CAPMAS said on Monday, exceeding analysts' expectations. As long as inflation can remain under control, the central bank is unlikely to raise rates.

In company news, El Sewedy Electric said its unit had signed a contract to develop land at Ain Sokhna economic zone.

Sixth Of Development and Investment (SODIC) said on Sunday it would pay 800 million pounds ($44.79 million) as part of a settlement deal with the Illicit Gains Authority.

Madinet Nasr For Housing And Development said it was still interested in merging with SODIC.

Islamic Arab Insurance saw Goldilocks Investment Company, a unit of the Abu Dhabi Financial Group, increase its ownership in the firm to 14.1%.

First Abu Dhabi Bank's head of equities at its asset management group left, Reuters reported citing two sources familiar with the matter.

Abu Dhabi Islamic Bank's unit, Abu Dhabi Islamic Bank Egypt, said on Sunday it expected a fall of up to 8% in its 2019 profit due to tax changes in Egypt.

Bupa Arabia For Cooperative Insurance Company said it will provide health insurance services to National Commercial Bank's employees and their families for 2019.

Saudi Arabia's main index dipped 0.3% to 7,820 points, Dubai dropped 2% to 2,500 points, Abu Dabi shed 1% to 4,789 points, Qatar fell 0.5% to 10,556 points, Egypt jumped 2.8% to 12,476 points, Kuwait declined 0.7% to 5,402 points, Bahrain was unchanged at 1,318 points and Oman slumped 1% to 4,503 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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