MidEast Shares Mostly Gain on Strong Oil Prices, Chinese Data – Nasdaq
7 months ago Comments Off on MidEast Shares Mostly Gain on Strong Oil Prices, Chinese Data – Nasdaq
Middle East stocks mostly advanced, helped by a jump in
and strong Chinese data.
Brent crude hit a four-month high during North American trade on
Tuesday on hopes of a production cut.
China reported overnight that exports jumped 11.5% in March from
the year-ago period, marking the first increase since June. Imports
fell a less-than-expected 7.6 percent in dollar-denominated terms
and volumes of most major commodities, notably copper and iron ore,
rose strongly, Reuters said.
In company news, National Commercial Bank posted a 1% rise in
profit to 2.63 billion riyals ($702 million). SICO Bahrain had
forecast 2.30 billion riyals and Deutsche Bank, 2.23 billion
Saudi British Bank said profits gained 2.4% to 1.14 billion
riyals, outpacing three analysts surveyed by Reuters who had
expected an average of 1.01 billion riyals.
Bank Aljazira reported a 68% year-on-year rise in quarterly
Union Properties said its board had approved increasing its
capital to 7 billion dirhams ($1.9 billion) but did not say how
capital would be boosted.
Saudi Arabia’s main index edged up 0.6% to 6,442 points, Egypt
jumped 1.2% to 7,421 points, Dubai added 0.8% to 3,501 points, Abu
Dhabi rose 1.1% to 4,455 points, Qatar was flat at 10,246 points,
Kuwait gained 0.6% to 5,306 points, Oman inched up 0.04% to 5,731
points and Bahrain firmed 0.1% to 1,123 points.
MidEast Shares Mostly Gain on Strong Oil Prices, Chinese Data – Nasdaq}