Markets

Mideast Shares Gain With Global Stocks, Crude Prices

Middle East stocks advanced in line with higher global markets and crude oil prices . Egypt ended a five-session losing streak.

Brent crude futures rose above $55.60 per barrel.

In company news, Emirates Integrated Telecommunications Co said it was aiming for 1 billion dirhams ($272 million) of savings by 2019 through changes to its cost structure, including operating expenses and capital expenditure.

Arabia Cotton Ginning rose as local cotton prices soared ahead of next month's planting season and a crackdown on fake Egyptian cotton worldwide spark interest in the industry, again.

Saudi Arabia's main index edged up 0.8% to 7,131 point, Dubai inched up 0.2% to 3,651 points, Abu Dhabi jumped 1% to 4,643 points, Egypt rallied 1.6% to 12,652 points, Kuwait firmed 0.1% to 6,824 points, Qatar rose 0.8% to 10,819 points, Oman gained 0.2% to 5,843 points and Bahrain added 0.2% to 1,324 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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