Middle East stocks mostly advanced as global markets stabilized after last week’s rout.
Petrochemical stocks rose in Saudi Arabia, helped by institutional buying. EFG Hermes said January had seen the highest net foreign fund inflows into Middle Eastern and North African equities since April 2015, of $1 billion, with Saudi Arabia accounting for $703 million of it.
In company news, Trade Union Cooperative Insurance said Q4 net profit rose 87% as gross written premiums increased 35%.
Salama Cooperative Insurance’s quarterly profit shrank 6%.
DXB Entertainments said its net loss widened to 1.12 billion dirhams ($305 million) last year from a loss of 485 million dirhams in 2016.
Air Arabia swung to a Q4 profit of 26 million dirhams from a year-ago loss of 33 million dirhams. However, SICO Bahrain had forecast a much higher profit of 68 million dirhams.
Qatar National Bank went ex-dividend.
Ooredoo said annual net profit fell 10% as currency depreciations in some markets dented revenue, although Q4 profit climbed 13%.
Saudi Arabia’s main index soared 1.3% to 7,426 points, Dubai slipped 0.2% to 3,315 points, Abu Dhabi gained 0.6% to 4,610 points, Qatar fell 0.6% to 8,988 points, Egypt added 0.4% to 14,891 points, Kuwait gained 1% to 6,707 points, Bahrain rose 1% to 1,347 points and Oman edged up 0.2% to 5,003 points.
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