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Middle East Stocks Mostly Advance, Dubai Rises With Help from M&A News

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Last updated: 09/10/2019 11:10:48

11:10 AM EDT, 09/10/2019 (MT Newswires) -- Mideast shares mostly rose, with Dubai rising with help from mergers and acquisitions news.

Arabtec Holding surged after the company said it is exploring the possibility of merging its construction

business with Abu Dhabi's private rival Trojan Holding.

Abu Dhabi gained with a boost from Aldar Properties, which said this week it was launching a residential project on Saadiyat island that would be open to all nationalities.

Egypt firmed on data showing inflation fell to 7.5% in August, the lowest in years, clearing the way for further rate cuts when the central bank meets later this month. Rates were last lowered in August.

Saudi stocks dropped on weaker oil and banking shares. In company news there, Saudi Enaya Cooperative Insurance's accumulated losses reached 40% of its capital. Arriyadh Development and Leejam Sports traded ex-dividend.

Saudi Arabia's main index slumped 1.1% to 7,965 points, Abu Dhabi gained 0.4% to 5,096 points, Dubai added 0.4% to 2,892 points, Qatar rose 0.7% to 10,376 points, Egypt advanced 0.5% to 14,956 points. Oman firmed 0.3% to 3,998 points, Kuwait inched higher 0.1% to 6,424 points and Bahrain was closed for a public holiday.

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