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MidEast Shares Mostly Rise, Boosted by Bargain Hunting as Oil Prices Steady

MidEast stocks mostly gained, helped by steady oil prices and bargain hunting.

Saudi Arabia's main index also got a lift from Saudi Arabian Mining Co, which touched a three-month high after securing a major loan. Local, regional and international banks committed to a 11.5 billion riyal ($3.1 billion) loan for its phosphate business, replacing existing debt on more favorable terms.

Egypt's stocks rose after the World Bank said it expected to make a $1 billion development policy loan available to the country next month. It said the loan could be the first of three under a three-year program.

Saudi Arabia's main rose 1.16% to 7,034 points, Dubai jumped 2.91% to 3,273 points, Abu Dhabi added 1.51% to 4,260 points, Qatar edged up 0.3% to 10,860 points, Egypt advanced 2.42% to 6,569 points, Kuwait firmed 0.48% to 5,725 points, Oman slipped 0.03% to 5,796 points and Bahrain inched up 0.11% to 1,219 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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