Abu Dhabi Stocks Lead Mideast Gains After Global Rout: Inside EM
(Bloomberg) -- Stocks in Abu Dhabi rallied, leading gains among Middle Eastern markets that rebounded from last week's slump on concern about the spread of the omicron variant of Covid-19.
“We are still in the market. We like the region,” specifically the United Arab Emirates and Saudi Arabia, Ali El Adou, head of asset management at Daman Investments in Dubai, said in an interview on Bloomberg TV. “High vaccination rates is an additional point that gives us a bit of calmness to the market.”
- Abu Dhabi's ADX General closes 2.6% higher, up most since May
- Etisalat leads gains, rising 8.8%
- The stock is surging amid passive inflows related to Etisalat's weight increase on the MSCI Emerging Markets Index following a hike in foreign ownership limits, said Ahmed El Difrawy, head of data and index research at EFG-Hermes
- Other stocks rising include First Abu Dhabi Bank +1.7%; Abu Dhabi Commercial Bank +4.6%; Alpha Dhabi +1%
- READ: UAE Banks Poised to Capture Recovery in Asset Growth, Spreads
- Saudi stocks also rise, with the Tadawul All Share Index gaining 2.4%, the most since April
- Al Rajhi Bank +3.6%; Saudi National Bank +2.2%; Sipchem +7.4%; Sabic +2.8%
- Tanmiah Food gains 3.3% after its unit Gulf Brand Fast Food signed a master franchise and development agreement with Popeyes
- Hail Cement jumps 9.9% after announcing a dividend of 0.5 riyals per share for the first nine months of the year
- Dubai Financial Market General Index rises 0.5%
- Kuwait's Premier Market index gains 0.5%
- Qatar's QE Index drops 0.1%
- Egypt's EGX 30 Index rises 0.7%
- The United Arab Emirates' national security adviser Sheikh Tahnoon bin Zayed Al Nahyan is expected to visit Tehran on Monday to discuss bilateral and regional issues with high-ranking Iranian authorities
- Iran didn't show seriousness in the latest talks to rejoin a 2015 accord restraining its nuclear program, and the U.S. is preparing for a scenario where restoring the deal won't be possible, a senior U.S. official said
- French President Emmanuel Macron on Saturday announced a joint initiative with Saudi Arabia aimed at solving a diplomatic row between several Gulf states and Lebanon
Market snapshot as of 4:30 p.m. in Dubai:
Top EM Stories:
©2021 Bloomberg L.P.
- Etisalat leads gains, rising 8.8%
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