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Middle East Stocks Mostly Drop Amid Lower Oil Prices, Weak Global Stock Markets

MidEast shares mostly fell, pressured by lower oil prices and global stock markets.

Brent futures hit a three-month low as Libyan ports reopened and Russia and other producers said they would increase output.

In company news, Kuwait Finance House said it was interested in a merger with Ahli United Bank.

Masraf Al Rayan said profits rose 4.5% to 1.07 billion riyals ($293.96 million) in the quarter.

Riyad Bank reported a 25.2% rise in Q2 net profit to 1.06 billion riyals ($282.64 million), in line with analysts' forecasts. Deposits fell 2.3% to 153.4 billion riyals.

Emaar Properties said it is exploring various financing options to streamline its business. The Financial Times had reported the company put $1.4 billion in assets on sale amid a slump in the real estate market.

Saudi Arabia's main index dipped 0.3% to 8,463 points, Dubai eased 0.2% to 2,913 points, Abu Dhabi fell 0.2% to 4,739 points, Qatar edged up 0.1% to 9,450 points, Kuwait slumped 0.8% to 5,346 points, Bahrain added 0.5% to 1,358 points, Oman slipped 0.1% to 4,442 points and Egypt shed 1.5% to 15,421 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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