Mideast Stock Markets Mixed as Traders Mull Recovery: Inside EM
(Bloomberg) -- Middle East stock markets were mixed on Sunday as traders weighed signs of economic recovery after business activity readings. Egyptian stocks fell most in the region, while Saudi stocks rose.
“Domestic demand in the UAE is starting to gain traction after a very difficult 2020 and a very slow recovery for the first part of this year,” Khatija Haque, chief economist and head of research at Emirates NBD PJSC, said in an interview with Bloomberg TV.
As investors mull how transitory the impact of the fast-spreading delta coronavirus variant will be on the global recovery, Gulf stocks may see inflows due to higher vaccination rates and lower cases per capita compared with other emerging markets, said Divye Arora, a portfolio manager at Daman Investments.
- Abu Dhabi’s benchmark ADX General falls 0.2%
- Etisalat -1.9%; Alpha Dhabi -0.6%; Dana Gas -2.8%
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- Dubai Financial Market General Index is little changed
- Union Properties jumps 3.3% after its unit won an 18 million dirhams contract at Expo 2020 Dubai
- Saudi Arabia’s Tadawul All Share Index closes 0.1% higher
- Saudi Telecom +1.7%; Sabic Agri-Nutrients +2.4%; Alinma Bank +1.2%
- Dallah Healthcare rises as much as 1.5% after obtaining a 357.5m riyals financing
- Egypt’s EGX 30 drops 1.8%
- Commercial International Bank -1.2%; Fawry -2.8%; EFG-Hermes -3.3%
- Gauge had climbed in the past two sessions
- NOTE, on Sept. 1: Egyptian Stocks Rise Most in Region Led by Gains for CIB, Fawry
- Egypt’s non-oil private sector approached a growth tipping point, with increased purchasing, output and employment signaling that the Arab world’s most populous nation is on track to economic recovery
- Business activity in Saudi Arabia last month grew at the weakest pace in 10 months as lower export demand weighed on the kingdom’s non-oil economy. In neighboring United Arab Emirates, business activity grew at the fastest pace since late 2019 amid a sharp increase in new work
- Saudi Telecom’s internet-services unit is seeking to raise as much as 3.62 billion riyals ($966 million) from an initial public offering in Riyadh, the latest in a clutch of share sales in the kingdom
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