MidEast Stocks Mostly Drift Lower Ahead of Holiday; Qatar Falls on Credit Downgrade

Middle East shares mostly slid in thin volume ahead of the Eid al-Adha holidays beginning this week. Qatar slumped after Fitch downgraded the country’s credit rating.

Fitch lowered Qatar by one notch to AA-minus with a negative outlook, citing the impact of sanctions imposed by other Arab states.

In company news, Amiantit said it expected a capital gain of 50 million-60 million riyals ($13.3 million-$16.0 million) and positive cash flow of between 2 million and 4 million riyals in Q3 due to the merger of its European entities.

Development Works Food said Q2 net profit rose by almost two-thirds from a year earlier as revenues more than doubled.

Saudi Arabia’s main index slipped 0.04% to its lowest close since early July to 7,259 points, Dubai eased 0.1% to 3,611 points, Abu Dhabi fell 0.5% to 4,464 points, Qatar shed 0.9% to 8,859 points, Egypt jumped 1.4% to 13,194 points, Kuwait dipped 0.1% to 6,899 points, Bahrain fell 0.1% to 1,299 points and Oman rose 0.9% to 5,047 points.

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