Israeli Shares Decline Most on Political Concerns: Inside EM
Israeli shares fell the most in the Middle East amid the prospect of a fourth back-to-back election as the country grapples with the coronavirus.
The TA-35 closed 1% lower, with Nice Ltd., LivePerson and Teva Pharmaceutical Industries dragging it down the most. The drafting of Israel’s 2020 budget is on hold, according to people familiar with the matter, even as disputes over the spending plan threaten to bring the government down.
The country is also in the middle of a second wave of coronavirus cases. Prime Minister Benjamin Netanyahu warned of a possible second lockdown on Thursday.
In the Gulf, equity gauges mostly advanced. Benchmark stock indexes in Dubai and Abu Dhabi rose the most while Kuwait’s fell 0.3%.
MIDDLE EASTERN MARKETS:
- Egypt’s EGX30 closes 0.6% higher
- EFG-Hermes pushes index up the most, climbing 6.4%
- Shares are “driven by expectation by the market for EFG to enter the Egypt MSCI standard index” to replace Elsewedy Electric, CI Capital analyst Monsef Morsy says
- Abu Dhabi’s ADX General Index leads gains in the Gulf, closes 0.6% higher
- Taqa rises 9.4% following solar power plant deal with EWEC
- Saudi Arabia’s Tadawul All Share Index closes 0.1% higher
- Al Rajhi Bank leads gains posting earnings
- NOTE: Saudi Arabia’s King Salman Undergoes Successful Surgery
- Qatar’s QE Index closes 0.1% higher; Commercial Bank of Qatar leads gains
- Kuwait’s Premier Market closes 0.3% lower
- National Bank of Kuwait leads losses by falling 1.5%
- NOTE: Kuwait’s emir was flown to the U.S. to continue medical treatment; state-run KUNA said his condition is stable
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