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Middle East Stocks Mixed, Saudi Shares Find Support from Corporate News

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Last updated: 11/07/2019 11:25:19

11:25 AM EST, 11/07/2019 (MT Newswires) -- Mideast shares were mixed in modest volume, with Saudi stocks rising on corporate news.

Also, Moody's said the United Arab Emirates' banking outlook is stable on resilient credit profiles in subdued economy.

Middle East Healthcare said Q3 profits soared on a decrease in general and administrative expenses.

National Medical Care said Q3 profits jumped more than 45% from the year-ago period.

In other corporate news, Commercial International Bank reported a 23% increase in Q3 profit.

Saudi Basic Industries had its price target cut by HSBC to 78 riyals ($20.80) from 80 riyals.

Credit Agricole Egypt posted a nine-month net income rose to 1.87 billion Egyptian pounds ($116.22 million) from 1.68 billion year ago.

Masraf Al Rayan issued $500 million sukuk, or Islamic bonds, with five-year term, part of a $2 billion sukuk program.

Saudi Arabia's main index gained 0.6% to 7,798 points, Abu Dhabi shed 0.3% to 5,131 points, Dubai rose 0.4% to 2,699 points, Qatar eased 0.1% to 10,275 points, Egypt dropped 0.6% to 14,796 points, Bahrain firmed 0.1% to 1,518 points, Oman added 0.3% to 4,041 points and Kuwait advanced 0.3% at 6,179 points.

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