Middle East Stocks Mostly Rise, Saudi Stocks Rebound After Weak Earnings
MidEast shares mostly gained, with Saudi stocks recovering from a slide after poor earnings as investors refocus on prospects for a stronger non-oil economy this year as the government delays austerity measures.
In company news, National Bank of Kuwait reported a 40% rise in Q4 net profit to 75.9 million dinars ($248.9 million), topping the estimate from EFG Hermes for 69.2 million dinars.
Doha Bank said Q4 profit slumped 84.8% to 35 million riyals ($9.6 million), missing the mean estimate of three analysts for 215.58 million riyals. But Doha Bank also said its board was recommending a cash dividend of 3 riyals per share for 2016, unchanged from 2015.
Saudi Arabia's main index jumped 1.7% to 7,103 points, Dubai slipped 0.3% to 3,707 points, Abu Dhabi fell 0.9% to 4,658 points, Qatar eased 0.1% to 10,950 points, Egypt rallied 2.2% to 13,003 points, Kuwait added 0.6% to 6,680 points, Oman gained 0.3% to 5,770 points and Bahrain rose 1.2% to 1,274 points.
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