MidEast Shares Mixed – Oil Prices Near 1-Yr High Supports Prices But Egypt Drops After Saudi Arabia Halts Oil Product Supplies

MidEast shares were mixed, supported by oil prices near one-year highs.

Egypt declined on news Saudi Arabia had suspended oil product supplies to the country this month. Saudi Aramco informed the Egyptian General Petroleum Corporation, Egypt’s state oil company, in early October it would halt the supply of refined oil products to Egypt, a government official told Reuters on Monday.

In company news, Riyad Bank posted an 18.9% declined in net profit as costs rose. It earned 729 million riyals ($194.4 million) in the three months to Sept. 30, down from 899 million riyals in the same period of 2015. Analysts polled by Reuters had on average forecast 1.05 billion riyals.

Qatar National Bank said Q3 net profit increased 10.2% to 3.45 billion riyals ($947.5 million). Aalysts had forecast 3.26 billion riyals.

Saudi Arabia’s main index jumped 1.5% to 5,656 points, Dubai added 1% to 3,391 points, Abu Dhabi eased 0.3% to 4,374 points, Egypt dropped 1.6% to 8,233 points, Qatar firmed 0.3% to 10,431 points, Bahrain dipped 0.1% to 1,130 points, Kuwait rose 1.1% to 5,350 points and Oman inched up 0.3% to 5,704 points.

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