Mideast Stocks Mixed

Middle East shares were mixed, with Qatar recovering some of last week’s losses after the finance minister said the economy was still operating normally although some of its neighboring countries severed ties with the country. Qatari Finance Minister Ali Sherif al-Emadi told CNBC the country could easily defend its currency and prevent shortages of food or other goods. Saudi shares firmed in line with gains in oil prices.

In company news, Dubai’s Drake & Scull’s former chief executive Khaldoun Tabari sold his stake in the company to Tabarak Investment, a source reportedly told Zawya, a Thomson Reuters publication. Tabarak Investment’s stake now stands at around 18% to 20%, making it the largest shareholder, Zawya said. Saudi Arabia’s main index inched up 0.2% to 6,822 points, Dubai jumped 1.2% to 3,427 points, Abu Dhabi edged up 0.3% to 4,511 points, Qatar firmed 0.8% to 9,135 points, Egypt slid 0.9% to 13,492 points, Kuwait firmed 0.3% to 6,775 points, Bahrain dipped 0.1% to 1,322 points and Oman shed 0.3% to 5,314 points.

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