Middle East Stocks Mostly Eased

MidEast shares mostly declined, with Egypt falling on profit taking and Saudi stocks fell as oil prices fell. Brent crude oil fell below $47.50 per barrel on signs oil exporters were struggling to agree a deal to cut production.

In company news, Arabtec named Hamish Tyrwhitt as new chief executive. Tyrwhitt was CEO of Australian contractor Leighton Holdings, since rebranded CIMIC Group, between 2011 and 2014.

Arabia Investments said its nine-month consolidated net loss shrank to 10.3 million Egyptian pounds ($572,000) from a year-earlier loss of 11 million pounds, while operating revenues rose.

Saudi Arabia’s main index dipped 0.1% to 6,897 points, Dubai added 0.7% to 3,334 points, Abu Dhabi firmed 0.1% to 4,261 points, Egypt slipped 0.9% to 11,159 points, Qatar eased 0.5% to 9,636 points, Kuwait inched up 0.1% to 5,544 points, Oman shed 0.1% to 5,481 points and Bahrain was flat at 1,177 points.