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MidEast Shares Mixed, Higher Oil Prices Lift Gulf Stocks

MidEast shares were mixed, with higher oil prices boosting Gulf stocks.

Brent crude rose above $49 per barrel.

Egypt was under pressure after a purchasing managers' survey showed the non-oil private sector expanded only marginally in September, with growth slowing from an eight-month high in August.

In company news, Dar Al Arkan rose after Sunday's news the government plans to convert a state-owned housing fund into a bank, the latest measure to spur housing construction.

PetroRabigh said a 50-day maintenance shutdown of its refining and petrochemical complex at Rabigh, due to start on Oct. 11, was likely to cause Q4 gross profit to drop by 900 million riyals ($240 million).

Dubai Parks and Resorts reportedly won from the emirate's transport authority a $68 million contract to build roads and bridges giving access to the company's theme park complex, due to open next year.

National Bank of Oman posted a 6.6% rise in Q3 net profit to 14.93 million rials ($38.7 million), slightly above analysts' mean prediction of 14.10 million rials.

Saudi Arabia's main index advanced 1.2% to 7,462 points, Dubai jumped 1.8% to 3,659 points, Abu Dhabi rose 1% to 4,565 points, Qatar added 0.5% to 11,569 points, Egypt dipped 0.3% to 7,239 points, Kuwait firmed 0.3% to 5,727 points, Oman gained 0.7% to 5,841 points and Bahrain inched up 0.4% to 1,276 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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