Most Mideast Markets Rise as Traders Return to Desks: Inside EM
Most Mideast Markets Rise as Traders Return to Desks: Inside EM
(Bloomberg) -- Middle East stocks generally advanced on Sunday, catching up with emerging-market peers, as traders returned to work following holidays.
Gauges in Saudi Arabia, Dubai, Kuwait, Bahrain, Oman and Egypt climbed following last week’s increase for the MSCI Emerging Markets Index. Stock exchanges in the Arab world were closed for most of last week due to Eid al-Fitr, the holiday marking the end of the holy fasting month of Ramadan.
Emerging-market stocks advanced for a second week as hopes for policy easing in major economies offset concern about U.S.-Mexico trade frictions. An index tracking currencies from developing nations also posted a third consecutive weekly gain.
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MIDDLE EASTERN MARKETS:
- The Tadawul All Share Index ended 2.2% higher, after falling 8.5% in May, the worst monthly performance since January 2016
- Al Rajhi Bank, Sabic and National Commercial Bank contributed most to the increase
- Saudi Public Transport Co. rose 10%, more than any other index member. The company said that local authorities allowed one of its subsidiaries to operate a bus network in Riyadh starting in the 4Q
- MORE: Saudis Sure of OPEC+ Cuts Extension After Talks With Russia
- London-based Invesco MSCI Saudi Arabia UCITS ETF, the largest exchange-traded fund tracking Saudi equities, had net inflows of near $910m in May, the most for a month since its inception last year
- NOTE: MSCI started adding Saudi stocks to its main EM benchmark in the last week of May
- In Doha, the QE Index dropped 0.2%. The stock exchange begins splitting shares to a nominal value of 1 riyal at the end of trading. Commercial Bank of Qatar and Qatar First Bank are the first issuers affected.
- The stock splits will run through July 7; check the schedule here
- MORE, on May 2: Qatar Bourse Seeks to Gain Retail Investors With Stock Split
- Dubai’s DFM General Index climbed 1.2%, while Abu Dhabi’s ADX General Index fell 1%
- Emirates NBD and Damac Properties added most to the increase in Dubai, with the real-estate company jumping 9.3%
- MORE, on June 8: Oman to Impose 100% Tax on Tobacco, Alcohol Starting Next Week
--With assistance from Abeer Abu Omar.
To contact the reporter on this story: Filipe Pacheco in Dubai at fpacheco4@bloomberg.net
To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, ;Claudia Maedler at cmaedler@bloomberg.net, James Amott, Jon Menon
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