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MidEast Shares Mixed, Profit-Taking Seen After MSCI Announcement

Middle East stocks were mixed, with Dubai and Qatar easing on profit-taking.

MSCI late Wednesday said Emaar Properties and Dubai Islamic Bank would be among those moving to its emerging market benchmark from the frontier market index at the end of May. Shares of both those companies rose recently on speculation they would be included in the emerging market index and then fell on Thursday amid profit-taking after the announcement.

In Abu Dhabi, Dana Gas reported a 32% drop in Q1 profit.

Dubai's main index dropped 2.6% to 5,181 points, Abu Dhabi firmed 0.1% to 5,021 points, Qatar eased 0.4% to 13,105 points, Saudi Arabia dipped 0.1% to 9,807 points, Egypt gained 1% to 8,553 points, Kuwait added 0.1% to 7,404 points, Bahrain edged down 0.3% to 1,464 points and Oman fell 0.3% to 6,735 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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