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MidEast Shares Mixed, Qatar Rises As It Completes Upgrade by FTSE Russell to Secondary Emerging Market Status

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Last updated: 03/20/2017 11:26:03

11:26 AM EDT, 03/20/2017 (MT Newswires) -- MidEast shares were mixed, with Qatar rising after it completed its upgrade by index compiler FTSE Russell to secondary emerging market status.

Saudi Arabia slipped in line with weakness in Brent crude oil towards $51 per barrel amid supply worries.

In company news, Solidarity Saudi Takaful said regulators had suspended its right to issue health insurance policies because of regulatory violations but did not describe those violations. Solidarity said it would meet with regulators soon to resolve the issue, without specifying a date.

Chubb Arabia Cooperative Insurance said it would not distribute a cash dividend for 2016 to improve its solvency.

Arabian Cement said Q4 net profit nearly tripled to 87 million Egyptian pounds ($4.8 million). Revenue rose 30%.

Saudi Arabia's main index eased 0.5% to 6,919 points, Dubai slid 0.5% to 3,477 points, Abu Dhabi edged up 0.9% to 4,458 points, Qatar gained 0.7% to 10,407 points, Kuwait firmed 0.2% to 6,869 points, Egypt shed 0.5% to 13,023 points, Oman slipped 0.2% to 5,671 points and Bahrain dipped 0.2% to 1,374 points.

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