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MidEast Shares Mixed, Saudi Stocks Gain for Fifth Straight Session

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Middle East stocks were mixed, with Saudi shares rising for a fifth straight session on optimism for the non-oil economy this year. Egypt was closed for a holiday.

In company news, Mouwasat Medical Services had its price target raised to 152 riyals from 144 by HSBC, which has a buy rating on the stock.

Deyaar said Q4 profit more than halved from the year-ago level.

Dubai Islamic Bank posted a 58.4% increase in Q4 net profit to 1.37 billion dirhams ($373 million), topping analysts' average forecast of 850.4 million dirhams.

Qatar Insurance said Q4 net profit fell 9%.

Saudi Arabia's main index closed up 0.5% to 7,128 points, Dubai slumped 1.1% to 3,679 points, Abu Dhabi declined 1.6% to 4,607 points, Qatar slipped 0.2% to 11,036 points, Kuwait jumped 1.1% to 6,819 points,Oman eased 0.03% to 5,765 points and Bahrain rallied 1.8% to 1,300 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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