MidEast Shares Mostly Weaken With Oil Prices

Middle East stocks mostly declined amid weaker oil prices .

Brent crude dropped below $44 per barrel before rebounding.

Saudi Arabia's stocks were also pressured after the cabinet there said it had decided to impose an annual 2.5% fee on undeveloped urban land designated for residential or commercial use, in an effort to deter hoarding of land and resolve a shortage of affordable housing.

Dar Al Arkan stock fell as investors feared the value of the company's land bank could decrease as a result of the tax.

In Dubai, real estate and construction firms declined after the euro dropped to a seven-month low against United Arab Emirates dirham on Monday, which affects foreign inflows.

In company news, Emaar Economic City said on Sunday authorities, who have been investigating how the firm acquired land in the industrial zone which it is developing, would let it keep the land to protect the interests of investors.

Orascom Telecom Media said on Sunday it was removing its North Korean unit Koryolink from its consolidated financial statements because sanctions against Pyongyang had affected its ability to operate there. EFG Hermes downgraded the stock to sell from neutral with fair value at 0.53 pound.

Qalaa Holdings said its subsidiary Mashreq Petroleum was in negotiations with the General Authority of the Suez Canal Economic Zone to terminate a contract to build, operate and transfer a liquid bulk station at East Port Said.

Orascom Construction reported Q3 results and said it would distribute a total cash dividend of $0.36 per share in 2016, implying a yield of 5.1% based on its NASDAQ Dubai closing price of $7.0 per share on Nov. 22.

Saudi Arabia's main index slipped 0.4% to 7,150 points, Dubai slumped 1.1% to 3,255 points, Abu Dhabi eased 0.01% to 4,250 points, Qatar dropped 1.5% to 10,676 points, Egypt declined 2.4% to 6,451 points, Kuwait inched up 0.3% to 5,774 points, Oman lost 0.3% to 5,762 points and Bahrain firmed 0.3% to 1,228 points.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics


Latest Markets Videos


Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

Learn More