MidEast Shares Drop on Lower Oil Prices, Company News – Nasdaq

6 months ago Comments Off on MidEast Shares Drop on Lower Oil Prices, Company News – Nasdaq

Middle East shares mostly dropped amid a decline in

and some weak earnings.

In company news, Emaar said Q1 net profit rose 17% to 1.21
billion dirhams ($330 million), just below SICO Bahrain’s forecast
for 1.22 billion dirhams.

Dubai Financial Market reported a 27% rise in Q1 net profit on
the back of an increase in trading activity.

GFH Financial said it had signed a preliminary letter of intent
with Abu Dhabi’s Eshraq Properties, under which GFH might sell real
estate assets to Eshraq in exchange for Eshraq shares.

Saudi Arabian Mining Co reshuffled its board and appointed the
chairman of state oil giant Saudi Aramco, Khalid al-Falih, as its
own chairman as part of a government drive to develop the mining

Abu Dhabi National Energy Co rose after sources told Reuters
that TAQA was considering selling its overseas oil and gas assets
to another Abu Dhabi state-owned entity as it focuses on its core
business of power generation and water production.

Ezdan Holding said Q1 net profit rose 12% to 585 million riyals
($161 million), with growth restrained by a sharp rise in expenses
and financial costs.

Saudi Arabia’s main index dipped 0.6% to 6,716 points, Dubai
shed 1.8% to 3,385 points, Abu Dhabi eased 0.8% to 4,470 points,
Qatar dropped 0.9% to 10,092 points, Kuwait slipped 0.6% to 5,372
points, Oman inched up 0.1% to 5,952 points and Bahrain added 0.2%
to 1,113 points. Egypt closed for a holiday.

MidEast Shares Drop on Lower Oil Prices, Company News – Nasdaq}