Jul 25, 2021
Saudi Stocks Lead Mideast Gains as Trading Resumes: Inside EM
Bloomberg News
,(Bloomberg) --
Stocks in Saudi Arabia led gains in the Middle East on Sunday, the first day of trading since OPEC and its allies agreed a deal to boost production. Most stock markets in the region advanced after a week-long holiday.
- Saudi Arabia’s benchmark Tadawul All Share Index rises the most since April 28
- Al Rajhi Bank +2.6; Sabic +1.3; SNB +1.1%; STC +1.3%; Saudi Research +7.6% at 10:31 a.m. in Riyadh
- The Tadawul Materials sub-index rises 1.5%, the highest level on record as petrochemical stocks gain
- READ: OPEC’s Long-Awaited Oil Deal May Fail to Avert Supply Squeeze
- Methanol Chemicals leads gains on materials sub-index after reporting 2Q profit of 60.2 million riyals vs loss of 31.3 million riyals year ago
- Abu Dhabi’s ADX General Index trades at a record high
- “Earnings recovery is definitely helping the markets in Abu Dhabi,” said Harshjit Oza, head of research at Abu Dhabi-based International Securities
- “We are expecting sequential improvement in earnings for the banking sector names in Abu Dhabi,” he said
- ADCB jumps as much as 1.3% after reporting net income for the second quarter that beat the average analyst estimate
- READ: Cost of Risk of 110-150 Bps Could Contain ADCB Quality Pressure
- Dana Gas rises as much as 3.4%, hitting the highest level since March 2020. The company received an award in its favor from a London court
- “Earnings recovery is definitely helping the markets in Abu Dhabi,” said Harshjit Oza, head of research at Abu Dhabi-based International Securities
- Dubai Financial Market General Index climbs as much as 1.2%, the most since June 1
- Emirates NBD +1.9%; Emaar Properties +1.5%; Dubai Islamic Bank +0.6% at 11:05 a.m. local time
- Qatari stocks rise, trimming losses from last week
- QNB +1.2%; Qatar Islamic Bank +0.8%; Industries Qatar +0.7% at 10:18 a.m. in Doha
- The MSCI Emerging Markets Index fell 2.2% last week, down for a third week out of the last four
Key News:
- Bahrain-based Arab Banking Corp., also known as Bank ABC, gets regulatory approvals to acquire 100% of Blom Bank Egypt
- Iraq’s cabinet grants the country’s oil ministry approval to sign a deal with Total to execute projects
- Two Turkish soldiers were killed and two others were wounded in an attack in northern Syria, according to a statement by Turkey’s Defense Ministry, which added that the assault was carried out by “terrorists,” without naming a specific group
©2021 Bloomberg L.P.