MidEast Shares Mixed

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Middle East stocks were mixed, with Saudi Arabia easing for a fourth straight session as oil prices continued to slip. In company news, Yanbu National Petrochemical Co reported a 53.4% rise in Q4 net profit to 602.85 million riyals ($161 million), in line with analysts’ forecasts.

Islamic Arab Insurance closed at the highest level since August 2015 amid speculation the finance and insurance industries may witness further tie-ups after the impending merger of National Bank of Abu Dhabi and First Gulf Bank.

Saudi Arabia’s main index slumped 1.6% to 6,895 points, Dubai eased 0.1% to 3,722 points, Abu Dhabi dipped 0.1% to 4,663 points, Qatar inched up 0.04% to 10,704 points, Egypt added 0.6% to 13,089 points, Kuwait gained 0.3% to 6,030 points, Oman rose 0.3% to 5,796 points and Bahrain slipped 0.1% to 1,209 points.

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