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MidEast Shares Mostly Rise on Dovish Fed Comments, Oil Gain

Middle East Stocks were mostly higher after dovish Federal Reserve comments sparked a global rally in equities and boosted oil prices .

The Fed suggested it would raise rates more slowly than investors had originally thought. The comments overshadowed data showing U.S. crude inventories at a record level.

In company news, Savola Group cut its Q1 net profit forecast to 178 million riyals ($47.5 million) before capital gains from 360 million riyals.

Emaar Properties said it categorically denied rumors that its chairman Mohamed Alabbar intended to leave the company.

Ooredoo warned investors its revenue would fall by as much as 3% this year.

Orascom Telecom Media and Technology (OTMT) signed an agreement with French firm Lafarge to work jointly on a new waste management project.

EFG Hermes reported a net profit of 706.99 million pounds ($92.7 million) for 2014 against a net loss of 334.98 million pounds in 2013.

Saudi Arabia’s main index firmed 0.4% to 9,174 points, Dubai gained 1.9% to 3,473 points, Abu Dhabi added 1.3% to 4,338 points, Qatar rose 0.9% to 11,524 points, Egypt advanced 0.4% to 9,518 points, Kuwait inched up 0.6% to 6,435 points, Oman eased 0.2% to 6,220 points and Bahrain slipped 0.4% to 1,459 points.

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MidEast Shares Mostly Rise on Dovish Fed Comments, Oil Gain Reviewed by on . Middle East Stocks were mostly higher after dovish Federal Reserve comments sparked a global rally in equities and boosted oil prices . The Fed suggested it wou Middle East Stocks were mostly higher after dovish Federal Reserve comments sparked a global rally in equities and boosted oil prices . The Fed suggested it wou Rating:
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