Markets

MidEast Shares Narrowly Mixed, Getting Little Help from Oil and Global Equities

Middle East stocks were mixed, getting little help from higher oil prices and stronger equity markets worldwide.

Volumes reportedly were light as investors remain skittish as markets have volatile, making the long-term outlook uncertain.

Investors around the region also are anticipating a tightening of banking sector liquidity as cheap oil cuts the flow of state revenues into bank deposits, and banks set aside money to buy bonds which governments will use to cover their budget deficits. Standard & Poor's said strength in Gulf banks' earnings in the first half of this year was unlikely to continue.

Saudi Arabia's main index declined 0.8% to 7,342 points, Dubai gained 0.7% to 3,619 points, Abu Dhabi added 0.4% to 4,520 points, Qatar slipped 0.1% to 11,453 points, Egypt eased 0.3% to 7,311 points, Kuwait dipped 0.1% to 5,721 points, Oman rose 0.1% to 5,791 points and Bahrain firmed 0.03% to 1,276 points.

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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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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