Middle East stocks mostly ended the year stronger, with investors optimistic for 2017 as oil prices rebound from 2016 lows and regional governments stabilize their economies.
Egypt ended the year on a high note, still gaining on foreign buying after the government floated its currency on Nov 3. However, buying may ease in the new year as stock valuations have risen sharply, according to Reuters. In company news, Commercial Bank of Qatar invited investors to subscribe to a rights issue between Jan. 8 and 22.
Saudi Arabia’s index dipped 0.4% to 7,210 points, Dubai added 0.3% to 3,531 points, Abu Dhabi jumped 1.7% to 4,546 points, Qatar gained 1% to 10,437 points, Egypt firmed 0.7% to 12,345 points, Kuwait eased 0.1% to 5,748 points, Oman edged up 0.3% to 5,783 points and Bahrain rose 0.6% to 1,220 points.