MidEast Shares Mixed, Auto-Related Shares Rally in Saudi Arabia On News Women Will Be Able to Drive

MidEast Shares Mixed, Auto-Related Shares Rally in Saudi Arabia On News Women Will Be Able to Drive

Middle East stocks were mixed, with auto-related companies rising in Saudi Arabia after the government said women would be allowed to drive. The decree from the king is expected to be implemented by June 24, 2018.

However, ongoing worries lingered over whether FTSE index compiler might issue a negative decision when it determines whether to upgrade Saudi Arabia to emerging market status at the end of this month. That kept the country’s main index slightly in the red by the end of the session.

Meanwhile, Egypt’s stocks rose after Finance Minister Amr El Garhy said Egypt would not raise prices on fuel products during the current fiscal year that began in July.

Further support stemmed from expectations Egypt’s central bank will likely to keep key interest rates unchanged at its monetary policy meeting this Thursday, a Reuters poll showed, after a slide in inflation that is expected to continue in the last quarter of 2017.

Saudi Arabia’s main index dipped 0.1% to 7,233 points, Dubai inched up 0.02% to 3,562 points, Abu Dhabi eased 0.2% to 4,407 points, Qatar slumped 1.7% to 8,421 points, Egypt rose 0.3% to 13,741 points, Kuwait firmed 0.1% to 6,769 points, Bahrain shed 0.6% to 1,284 points and Oman gained 0.5% to 5,139 points.

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