Middle East Stocks Mostly Lower

MidEast shares mostly fell, with Dubai finding only mild support from a rise in earnings at Dubai Islamic Bank.
Dubai Islamic Bank said Q1 net profit attributable to shareholders rose 14% to 1 billion dirhams ($272.3 million) from the year-ago period. Meanwhile, Abu Dhabi National Energy eased on profit-taking after rising in recent days on the government’s announcement it had raised its stake in the company. Saudi Fisheries said it lost 9.2 million riyals ($2.45 million) in Q1, slightly narrower than the net loss of 9.6 million riyals in the prior year period but sales dropped 43.7% year-on-year. It also said it had secured a 42.8 million riyal loan from the Saudi Industrial Development Fund to complete the construction of a fish feed facility.

Saudi Arabia’s main index eased 0.4% to 7,036 points, Dubai dipped 0.04% to 3,535 points, Abu Dhabi fell 0.2% to 4,563 points, Qatar shed 0.7% to 10,412 points, Kuwait firmed 0.3% to 7,030 points, Egypt jumped 1.2% to 12,996 points, Oman slid 0.5% to 5,550 points and Bahrain was unchanged at 1,363 points.