MidEast Stocks Mostly Higher

Middle East shares mostly advanced, with Saudi stocks weighed by weak earnings from Mobily. Mobily reported a quarterly net loss of 189.7 million riyals, missing analysts’ average forecast for a loss of 166 million riyals.
National Commercial Bank also weakened on a 0.9 percent decline in Q2 net profit to 2.42 billion riyals ($645.3 million) thanks to lower operating income. That was below SICO Bahrain’s forecast for 2.63 billion riyals.

And, Banque Saudi Fransi said quarterly profit fell 4.1%. Meanwhile, Qatar ended at the highest level since June 5 as corporate earnings and economic data so far show little effect after neighboring Arab states severed ties with the country. A poll of economists showed predictions Qatar’s economy would remain one of the Gulf’s fastest-growing economies. Qatar International Islamic Bank reported a modest year-on-year rise in first-half net profit.