Markets

MidEast Stocks Gets Light Support from Higher Oil Prices, Investors Still Digesting Earnings Reports

Middle East shares mostly gained, helped by stronger oil prices .

In company news, Amlak said Q1 profit rose to 123 million dirhams ($33.5 million) from 6 million dirhams and managing director Arif Alharmi predicted modest growth for the rest of the year.

Gulf Navigation posted a 28% jump in profit to 6.3 million dirhams, as expected.

Abu Dhabi National Energy Co said Q1 net loss was 608 million dirhams ($165.5 million) versus a year-earlier profit of 256 million dirhams.

GB Auto said quarterly net profit plunged 70%.

EFG-Hermes posted a Q1 net loss of 63.66 million Egyptian pounds ($7.17 million) against a year-earlier profit of 181.55 million pounds after taking a non-cash impairment charge.

Saudi Arabia's main index inched up 0.1% to 6,654 points, Dubai gained 0.5% to 3,329 points, Abu Dhabi slipped 0.9% to 4,386 points, Qatar firmed 0.1% to 9,888 points, Egypt slid 1.6% to 7,503 points, Kuwait gained 0.5% to 5,376 points, Oman eased 0.5% to 5,949 points and Bahrain dipped 0.2% to 1,104 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 MTNewswires.com. 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

Stocks

Latest Markets Videos