Markets

Middle East Stocks Mostly Fall But Abu Dhabi Hits 4-Yr High

MidEast shares mostly eased, but Abu Dhabi reached a four-year high with investors buying bank stocks on optimism over the 50 billion dirham ($13.6 billion) plan announced in June to revitalize the economy.

Saudi stocks, meanwhile, fell on worries a diplomatic row with Canada over Canadian support for jailed rights activists will affect trade relations.

In company news, PetroRabigh said Q2 net profit fell 25.6%.

Drake & Scull continued to slip on concerns about its financial position, business outlook and the outcome of an investigation by United Arab Emirates authorities into financial violations by previous management.

Industries Qatar reported a rise in profit to 2.51 billion riyals ($689.5 million) for the first half of 2018 from 1.61 billion riyals in the same period a year earlier.

Saudi Arabia's main index dipped 0.4% to 8,210.3 points, Dubai eased 0.1% to 2,949 points, Abu Dhabi rose 0.3% to 4,926 points, Qatar slipped 0.1% to 9,962 points, Kuwait added 0.2% to 5,466 points, Bahrain shed 0.2% to 1,346 points, Oman lost 0.3% to 4,436 points and Egypt edged up 0.6% to 15,8623 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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