Middle East Stocks Mostly Gain, Qatar Continues to Rise From Raised Foreign Ownership Limits in 3 Companies
MidEast shares mostly rose with Qatar continuing to rise after three companies raised their foreign ownership ceilings to 49% from 25% on Monday.
Egypt's market rose after a two-day holiday.
In other company news, Dana Gas continued to weaken after the company said on Sunday it had received a new injunction from the English High Court restricting its ability to pay dividends or increase its debt. Dana said it would challenge the order, which was the result of its dispute with creditors over whether it must redeem $700 million of Islamic bonds.
Qatar National Bank reported a 7% increase in Q1 net profit, propelled by a double-digit jump in loan growth despite the embargo imposed by other Gulf states on Qatar.
Saudi Arabia's main index eased 0.3% to 7,951 points, Dubai firmed 0.3% to 3,090 points, Abu Dhabi jumped 1% to 4,712 points, Qatar gained 0.8% to 9,007 points, Egypt rallied 1.7% to 17,697 points, Kuwait inched up 0.1% to 4,789 points, Bahrain rose 0.04% to 1,288 points and Oman slipped 0.8% to 4,787 points.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.