Saudi Stocks Snap Longest Run of Gains Since 2017: Inside EM

(Bloomberg) -- Saudi Arabia’s main equities index dropped 0.6% on Sunday, snapping a nine-day advance that was the longest since December 2017.

The measure, which earlier gained as much as 0.4%, was weighed down by its biggest member Al Rajhi Bank. Last week, the index breached the 9,000 level for the first time since 2015 as it continues to benefit from inflows after its inclusion into major gauges tracked by MSCI and FTSE Russell this year.

MIDDLE EASTERN MARKETS:

• The Tadawul All Share Index erased earlier gains of the day
  • Al Rajhi Bank contributed most to the drop, falling 1.1%
  • Read: Aramco’s Big Reveal: What We Learned About the Saudi Oil Giant
• In Dubai, the DFM General Index added 0.2%, while Abu Dhabi’s ADX General Index rose 0.4%
  • Abu Dhabi National Oil Co advanced 8% to its highest in more than a year
  • Read: Adnoc Distribution Surges in Abu Dhabi After Boosting Dividend
• Kuwait Finance House rose 2.4% in Kuwait and Ahli United Bank climbed 2.4% to the highest since 2007
  • NOTE: Both lenders are in conversation about a merger. AUB said on April 3 that due diligence studies by KFH are progressing
• READ: KFH Hires Goldman Sachs as Adviser for Merger With Bahraini Bank
• Qatar’s Ezdan Holding Group is planning to hold a meeting to discuss reversing a plan to delist the company and turn it private
  • The stock advanced 9.9% on Sunday
• Israel’s TA-35 Index added 0.5%
  • Perrigo Co. Plc and Elbit Systems Ltd contributed most to the gain
  • Read: Perrigo Unit Drawing PE Interest Bodes Well for Generics: RBC

--With assistance from Filipe Pacheco.

To contact the reporter on this story: Abeer Abu Omar in Dubai at aabuomar@bloomberg.net

To contact the editors responsible for this story: Blaise Robinson at brobinson58@bloomberg.net, Nicholas Larkin, Maria Ermakova

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