MidEast Shares Mostly Slip; More Profit-Taking Seen in Egypt and Saudi Arabia

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Middle East stocks mostly declined, with Saudi Arabia and Egypt still easing on more profit-taking after recent rallies.

In Saudi Arabia, some investors may have also been disappointed international index compiler MSCI was not beginning the process of upgrading Saudi Arabia to emerging market status.

In company news, DXB Entertainments was upgraded by MSCI to its United Arab Emirates standard index, effective at the close on Nov. 30.

Arabtec was downgraded by MSCI to its small cap index, while Dubai Financial Market was deleted from the standard index. Vodafone Qatar was cut by MSCI to its small cap index. Qatar First Bank was added to MSCI’s small cap index.

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