Mideast Stocks Climb, Track Global Peers and Oil Gain: Inside EM
(Bloomberg) -- The Middle East's benchmark equity indexes all advanced on Sunday, tracking a global stock rally on optimism that a Democratic sweep in the U.S. will boost fiscal spending in the world's largest economy.
Egypt's EGX 30 Index climbed for a third day to lead regional gains as the government reported slower inflation. Meantime, Saudi shares closed at their highest level since July 2019.
This year “looks to favor 2020 laggards in the Middle East and North Africa as business activity continues to recover,” Citigroup Inc. analysts including Rahul Bajaj wrote in a report. The speed of vaccine distribution as well as a normalization in travel and logistics will benefit stocks in the United Arab Emirates, particularly in Dubai, they said.
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MIDDLE EAST MARKETS:
- Dubai stocks rose 1.9%
- Dubai Investments +3.7%; Emaar Properties +3.1%; Dubai Islamic Bank +3%
- Top picks for Citigroup in the UAE include Aramex on margin recovery and inbound travel normalization as well as Emirates NBD on strong provisioning
- The Tadawul All Share Index advanced as much as 1.2% before paring some gains and closing up 0.9%
- Most benchmark members increased, including bank shares
- Egyptian stocks climbed 2.4% while the TA-35 Index in Tel Aviv was up 1.8% as of 2:45 p.m. local time
- Al Khalij Commercial Bank PQSC shares surged after it agreed with Masraf Al Rayan QSC for a share-swap combination that will create Qatar's second-largest lender
- Equities in Abu Dhabi, Qatar, Kuwait, Oman and Bahrain also advanced
©2021 Bloomberg L.P.
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