MidEast Stocks Mostly Higher

Middle East shares mostly advanced, with Egypt gaining the most on strong Q1 results. Saudi stocks rose as investors prepared positions ahead of Ramadan, which is expected to start on May 27. In company news, Ezz Steel said Q1 net profit tripled from the year-ago level. Sixth of October Development touched a four-month high in heavy volume after its CEO told Reuters the company planned to buy new land to the north and west of Cairo worth 600 million Egyptian pounds ($33.2 million) as part of an expansion plan.

Saudi Arabia’s main index edged up 0.1% to 6,947 points, Dubai gained 0.5% to 3,395 points, Abu Dhabi firmed 0.3% to 4,594 points, Qatar added 0.2% to 10,145 points, Egypt jumped 1% to 13,064 points, Kuwait inched up 0.1% to 6,732 points, Bahrain slipped 0.3% to 1,310 points and Oman shed 0.2% to 5,423 points.

By Celina Yao