MidEast Stocks Mixed, Abu Dhabi Hits Highest Level in About 3 Years

Middle East shares were mixed, but Abu Dhabi climbed to the highest level in about three years.

The Abu Dhabi National Energy Co rose after Saudi crude production unexpectedly fell in July and U.S. drilling appeared to slow.

Kuwait firmed, helped by National Bank of Kuwait, whose price goal was raised by HSBC to 0.93 dinars ($3.07) from 0.84 dinars.

In other news, Fawaz Abdulaziz Alhokair Co said on Sunday quarterly net profit rose to 249.2 million riyals ($66.45 million) from 232.4 million riyals one year earlier.

Bupa Arabia for Cooperative Insurance Co also posted strong Q2 profits on Sunday.

Saudi British Bank fell amid ongoing worries about the impact of its merger with Alawwal Bank.

Saudi Arabia's main index dipped 0.2% to 8,230 points, Dubai closed flat at 2,978 points, Abu Dhabi jumped 1.6% to 4,884 points, Qatar added 0.4% to 9,933 points, Kuwait gained 0.5% to 5,438 points, Bahrain slipped 0.1% to 1,352 points, Oman rose 1% to 4,420 points and Egypt fell 0.6% to 15,645 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.

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.