MidEast Shares Mixed, Egypt Drops Amid Dollar Shortage Worries

Middle East stocks were mixed, with Egypt dropping again amid a chronic dollar shortage.

In company news, Alujain said it would distribute a dividend of 0.5 riyal per share for 2016 – its first dividend since 1998.

Jarir Marketing’s Chairman Muhammad Alagil told Reuters the retail sector’s slump might be close to an end. Alagil said his company’s stock was excessively cheap and he didn’t exclude the possibility of a share buy-back, though he stressed this would depend on the board’s decision, Reuters said.

GFH Financial Group said it won a civil case against a former deputy chief executive at one of its units for an around of $5 million.

Deyaar Development said Q3 net profit jumped 22.5% and sales surged about 500% from the year-ago levels.

Abu Dhabi Commercial Bank said Q3 profit fell 17% from a year-ago levels to to 999.1 million dirhams ($272 million), missing the average estimate of three analysts polled by Reuters for 1.10 billion dirhams.

Industries Qatar reported a 28.9% drop in Q3 net profit to 759.7 million riyals ($208.7 million), below analysts’ mean forecast for 996.6 million riyals.

Edita Food Industries said one of its subsidiaries has temporarily shut a factory when the government seized its store of sugar in its campaign to obtain sugar supplies.

Saudi Arabia’s main index rose 1% to 5,797 points, Dubai firmed 0.1% to 3,359 points, Abu Dhabi slipped 0.2% to 4,289 points, Egypt shed 0.6% to 8,228 points, Qatar dropped 0.3% to 10,406 points, Kuwait firmed 0.2% to 5,341 points, Oman eased 0.1% to 5,531 points and Bahrain inched up 0.1% to 1,149 points.

By Fred Canto