Israeli Shares Rise Most in Mideast While Egypt Slips: Inside EM

Israeli equities climbed the most in the Middle East as dual-listed firms caught up with U.S. gains from Thursday.

The country’s TA-35 benchmark rose as much as 1.7%. Stocks that are also listed in the U.S., including Azrieli Group Ltd, Bank Leumi Le-Israel BM and ICL Group Ltd, were among the biggest gainers on Sunday.

Elsewhere, gauges in Saudi Arabia, Bahrain, Oman and Qatar rose, with Brent crude staying above $50 a barrel in the past two weeks.

Egypt’s benchmark was the biggest loser after the central bank put monetary easing on pause amid fears over the effect of a new strain of the coronavirus on global markets. Dubai shares slipped after the government said it expects to spend 57.1 billion dirhams ($15.5 billion) next year to cushion the blow from the pandemic.

Indexes in the region were mostly trading below their average volume in the past 30 days amid the year-end holidays.

“Although the liquidity is thin, we believe with the concerns around the new strain of coronavirus settling down a bit, we can see investors continue to position in the reopening and cyclical recovery plays in travel, tourism, banks, petrochemical and real-estate sectors,” said Divye Arora, money manager at Daman Investments in Dubai. “Oil price not breaking below 50 level is also supportive for the regional markets.”

HIGHLIGHTS:
  • The MSCI Emerging Markets Index fell 1% in the five days through Friday, breaking a seven-week winning streak
  • EM Review: Risk Rally Stutters as New Virus Mutation Emerges
  • Read: Qatar Says Bahrain Violated Airspace as Summit Approaches

MIDDLE EASTERN MARKETS:

  • Egypt’s EGX 30 falls 1%
    • Commercial International Bank 0.9%; Eastern Co. -0.8%; Talaat Moustafa Group -0.9%
    • Cleopatra Hospital rises 5.3%
    • Read: Cleopatra Board Approves Acquisition of Alameda Healthcare
  • Dubai Financial Market General Index fell 0.5%
  • Saudi Arabia’s Tadawul All Share Index rises 0.4%
    • Sabic +0.8%; Saudi Kayan +3.6%; Al Rajhi Bank +0.3%
    • Aramco erases earlier loses, closing 0.1% higher after the Saudi Energy Minister announced it discovered 4 oil and gas fields in the kingdom
    • Read: Saudi Aramco Discovers 4 Oil and Gas Fields in Kingdom: SPA

©2020 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.