MidEast Stocks Mostly Drop But Saudi Arabia Continues to Rise on Prince Mohammed bin Salman's Elevation to Crown Prince
Middle East shares mostly fell but Saudi Arabia added to Wednesday's gains on the appointment of Prince Mohammed bin Salman to crown prince.
Since the Prince is known for advocating mining to help move the economy away from oil dependence, mining shares rose, while news of retroactive reinstatement of civil servants' allowances to commemorate the elevation of the Prince helped retail stocks.
MSCI's decision earlier this week to consider Saudi Arabia for an emerging markets upgrade in their index also lifted sentiment.
In company news, Eshraq Properties said it will meet on July 5 to ratify the sale of its shares in real-estate investment fund Ward Holding.
GFH Financial Group dropped after Integrated Capital ( IC ), owned by Abu Dhabi Financial Group (ADFG), said on Wednesday it transferred its 21 million shares in GFH to Ajman Bank. IC will remain to be "beneficial owner" with a 13.38% stake.
Gulf stock markets will be closed as of June 25 because of the Eid break with Saudi Arabia and Qatar's bourse announcing they will resume trade on July 2.
Saudi Arabia's main index jumped 5.5% to 7,335 points, Dubai fell 0.5% to 3,402 points, Abu Dhabi shed 0.6% to 4,432 points, Qatar rose 2.9% to 9,030 points, Egypt added 0.3% to 13,417 points, Kuwait firmed 0.1% to 6,772 points, Bahrain was flat at 1,313 points and Qatar dropped 0.06% to 5,118 points.
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