Middle East Shares Mixed

MidEast stocks were mixed, with Egypt jumping to an eight-year high as the Egyptian pound fell against the U.S. dollar. The decline spurred foreign investors to buy more Egyptian shares.

Further support came after Banque Misr signed a memorandum of understanding with Industrial and Commercial Bank of China for a $500 million loan aimed at increasing dollar liquidity and financing joint Egyptian-Chinese projects.  In company news, Saudi Basic Industries announced a lower cash dividend for the second half of this year compared to a year earlier.

Saudi Arabia’s main index declined 0.9% to 7,077 points, Egypt rallied 3.1% to 11,752 points, Dubai fell 0.6% to 3,532 points, Abu Dhabi dipped 0.4% to 4,479 points, Qatar rose 0.5% to 10,272 points, Kuwait firmed 0.1% to 5,657 points and Oman edged up 0.02% to 5,729 points.

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