Middle East shares mostly slip on profit-taking

Arab Gulf stocks mostly dropped amid profit-taking on Wednesday.

In company news, Advanced Petrochemical announced plans to increase its share capital by 20% to support future growth. The company also said it recommended distributing a Q1 cash dividend of 0.75 riyal per share.

Saudi International Petrochemical Co (Sipchem) said it had restarted three plants that were shut for maintenance earlier this month.

National Bank of Kuwait’s 137.6 million dinar ($473.2 million) rights issue was launched. The subscription period will close on June 16.

Saudi Arabia dipped 0.04% to 6,737 points, Dubai fell 0.5% to 3,285 points, Abu Dhabi declined 0.3% to 4,311 points, Qatar eased 0.01% to 10,010 points, Kuwait shed 0.1% to 5,363 points, Oman slipped 0.1% to 5,952 points and Bahrain lost 0.2% to 1,106 points.

Source: NASDAQ