Markets

MidEast Shares Mixed As Investors Look at Company News for Direction

MidEast stocks were mixed in sluggish trade as investors continued to look at quarterly results and company news for direction.

Emaar Properties' local property development arm set an indicative price range for its initial public offering of 5.7 dirhams to 6.9 dirhams per share, valuing the company at between 22.8 billion and 27.6 billion dirhams ($6.21 billion and $7.52 billion). Proceeds from the IPO, and possibly other funds, are expected to be paid to Emaar Properties shareholders as a special dividend by the end of January.

Saudi Company for Hardware quarterly profit rose 8% on a 13% gain in sales.

Chemanol said Q2 net loss was 9.9 million riyals ($2.7 million).

Al Ahlia Cooperative Insurance swung to a quarterly profit from the year-ago period as gross written premiums grew 23%.

Talaat Mostafa said nine-month consolidated net profit soared 72%.

Saudi Arabia's main index firmed 0.1% to 6,957 points, Dubai slipped 0.3% to 3,622 points, Abu Dhabi fell 0.5% to 4,465 points, Qatar eased 0.3% to 8,146 points, Egypt rose 0.3% to 14,325 points, Kuwait added 0.3% to 6,548 points, Bahrain edged up 0.3% to 1,283 points and Oman dropped 0.2% to 5,040 points.

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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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