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MidEast Shares Gain As Brent Crude Hits Highest Level This Year

Middle East stocks rose in line with a jump in Brent crude oil prices to the highest level this year.

In company news, Najran Cement said it planned to pay a 0.60 riyal per share dividend for the first half of 2016.

Global Telecom swung to a Q1 net profit of $87.5 million from a loss of $82.3 million a year earlier.

Amana Insurance reported a net operating deficit of 4.2 million riyals ($1.1 million) in April.

Edita Food Industries reported a Q1 net profit of 39.17 million Egyptian pounds ($4.41 million), down from 81.30 million pounds a year earlier.

Talaat Mostafa said quarterly profit rose to 199.39 million Egyptian pounds from 186.43 million pounds last year.

Saudi Arabia's main index edged up 0.6% to 6,695 points, Dubai rose 0.5% to 3,345 points, Abu Dhabi firmed 0.04% to 4,387 points, Qatar added 0.5% to 9,941 points, Egypt inched up 0.2% to 7,521 points, Kuwait advanced 0.4% to 5,396 points, Oman gained 0.4% to 5,969 points and Bahrain rose 0.6% to 1,111 points.

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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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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