Middle East Shares Mixed

MidEast stocks were mixed, with Saudi shares slipping on softer oil prices. Brent crude futures fell to about $56 per barrel. Egypt retreated amid profit-taking after four straight sessions of gains.

In company news, El Sewedy Electric said a subsidiary won a bid for an engineering and construction project with the state owned electricity company. The value and start date of the project was not disclosed.

Jarir Marketing reported a 3.5% increase in Q4 net profit to 215.3 million riyals ($57.4 million), in line with the 203.0 million riyals forecast by analysts.

Saudi Arabia’s main index eased 0.8% to 7,082 points, Dubai added 0.8% to 3,721 points, Abu Dhabi firmed 0.6% to 4,664 points, Qatar dipped 0.2% to 10,702 points, Egypt shed 0.9% to 12,781 points, Kuwait gained 0.9% to 5,951 points, Oman rose 0.6% to 5,793 points and Bahrain edged down 0.3% to 1,206 points.

By Stephen Holmes