MidEast Shares Mostly Rise, Saudi Stocks Keep Climbing on Economic Optimism
Middle East stocks mostly gained, with Saudi stocks continuing to rise amid optimism for the non-oil economy as the government's austerity measures slow.
In company news, Mouwasat Medical Services said its board was recommending a cash dividend of 2.5 riyals per share for 2016, up from 2 riyals last year.
Sidi Kerir Petrochemicals continued to gain after Beltone Financial last week raised its fair value estimate for the stock to 32.3 pounds from 17.68 pounds, citing stronger global oil prices among other factors.
Saudi Arabia's main index jumped 1.1% to 7,092 points, Dubai firmed 0.3% to 3,720 points, Abu Dhabi added 0.5% to 4,679 points, Qatar advanced 1% to 11,058 points, Egypt dipped 0.9% to 12,883 points, Kuwait gained 0.9% to 6,742 points, Oman slipped 0.1% to 5,766 points and Bahrain rose 0.3% to 1,278 points.
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