Qatar’s Equities Index Leads Gains in the Middle East: Inside EM
Israel Stocks Lead Losses in the Mideast Amid Lockdown Woes
(Bloomberg) --
The main equities index in Qatar rose the most in the Middle East on Sunday amid a surge in real estate stocks.
The QE Index closed 1.2% higher, the biggest increase for a session in over two months. Real estate developers Ezdan Holding Group QSC and United Development Co QSC rose 10% each, the most within members of the Qatari benchmark.
The boost came mostly from retail investors, while institutions were sellers, according to Talal Samhouri, director at Aventicum Capital Management Qatar in Doha. Shares also advanced in Saudi Arabia, Dubai, Bahrain, Oman, Kuwait and Egypt.
In Israel, the TA-35 reversed losses of as much as 1.5% to rise 0.4% as of 3:12 p.m. local time as investors wait for the country’s cabinet to vote on a plan for a two-week lockdown, expected to begin before the Jewish new year holiday later this week.
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MIDDLE EASTERN MARKETS:
- In the United Arab Emirates, hundreds of fines and warnings were issued to outlets at shopping malls in Dubai on a single day for flouting Covid rules, Khaleej Times reported
- Index in Dubai rose 0.2% while gauge in Abu Dhabi lost 0.2%
- Vodafone Group said it remains in talks to sell its Egyptian business to Saudi Telecom Co., after failing to finalize terms before a deadline
- STC shares finished unchanged at SAR99.20
- BinDawood Holding Co., one of Saudi Arabia’s largest grocery chains, has set a range of 84 to 96 riyals ($22-$26) per share for its initial public offering this month
- Boursa Kuwait shares to debut in Kuwait’s stock exchange on Monday
- Shares were sold to Kuwaiti investors for 100 fils last year
- READ: Saudi Banks’ 2020-21 Earnings Power Is Weakening
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