MidEast Shares Mixed, Saudi Arabia Gains With Help From Banking Stocks and Firm Crude Prices
Middle East stocks were mixed, with Saudi Arabia boosted by banking stocks and a rise in crude oil prices while Egypt continued to wobble on worries over a dollar shortage.
Brent crude futures stayed above $51.50 per barrel.
In company news, Abu Dhabi Islamic Bank (ADIB) reported nearly flat Q3 net profit on Monday. It said it earned 508.9 million dirhams ($139 million), up 1.1% from a year ago and above forecasts from EFG Hermes for 494.5 million dirhams. ADIB also said it booked credit provisions and impairment charges totaling 267.7 million dirhams in Q3, compared to 193.0 million dirhams in the year-ago period.
Dubai Islamic Bank reported a 9.9% decline in net profit on Monday.
Industries Qatar on Monday said Q3 net profit fell 28.9% from a year-ago levels.
Qatar International Islamic Bank said Q3 net profit to 223.3 million riyals ($61.3 million), above QNB Financial Services' forecast for 221.8 million riyals.
EFG Hermes said it is expanding in the U.S. with a permanent New York office. It also said it applied to register as a broker-dealer before the U.S Securities and Exchange Commission.
Juhayna Food said its total investment are likely to reach 500 million Egyptian pounds ($56.3 million) by year-end as it seeks to reduce import activity by locally sourcing raw materials and animal fodder, while focusing on completing all current projects and deferring start of any new projects, according to Reuters.
Saudi Arabia's main jumped 1.5% to 5,882 points, Dubai slipped 0.7% to 3,337 points, Abu Dhabi eased 0.6% to 4,264 points, Egypt firmed 0.4% to 8,261 points, Qatar dipped 0.02% to 10,404 points, Kuwait gained 0.9% to 5,389 points, Oman dropped 0.2% to 5,523 points and Bahrain fell 0.4% to 1,143 points.
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