Middle East Stocks Gain

MidEast shares rose, boosted by crude oil climbing to a near one-month high. Abi Dhabi led gains in heavy volume as institutional investors bought blue chip stocks. In company news, Emirates Integrated Telecommunication (du) went ex-dividend.

United Electronics swung to Q1 net profit of 12.9 million riyals ($3.44 million), compared to a loss of 45.9 million riyals in the prior year period. It estimated total sales up 8.3% to 805 million riyals from last year.

Saudi Arabia’s main index edged up 0.9% to 7,051 points, Dubai firmed 0.4% to 3,573 points, Abu Dhabi rallied 2% to 4,641 points, Qatar gained 0.7% to 10,467 points, Kuwait rose 0.6% to 7,060 points, Egypt inched up 0.2% to 13,290 points and Bahrain eked out a 0.2% gain to 1,351 points.

By Stephen Holmes