Israeli Stocks Extend Gains With Mideast Gauges Mixed: Inside EM

(Bloomberg) -- Shares in Tel Aviv gain for a fourth straight session, with the main gauge advancing as much as 1.7%, the most in the Middle East.

Saudi Arabian stocks decline, after earlier adding 0.2%, as the main index trades in overbought territory for the longest period in over two years.

Other markets in the Middle East were mixed after emerging-market equities rose for a fourth week as signs of easing trade tensions supported riskier assets.

HIGHLIGHTS
  • Almost every member in Israel’s TA-35 Index increases
  • Almarai Co. is the biggest decliner in Saudi Arabia. The company dropped the most in three months after announcing earnings that fell below estimates
  • Shares in Bahrain and Kuwait advance, while gauges in the United Arab Emirates, Oman, Qatar and Egypt retreat

MIDDLE EASTERN MARKETS

  • Israel’s TA-35 climbs 1.4% as of 2:51pm local time
    • Healthcare provider Perrigo Co. adds as much as 3.9%, among the biggest gainers in the gauge
    • MORE: Bezeq Parent Gains After Searchlight Bids for Largest Stake
  • The Tadawul All Share Index declines 0.8%, the first drop in four sessions
    • The 14-day RSI for the Saudi index holds above 70 for the eighth straight session, the longest streak since Dec. 2016
      • Many technical traders view levels above 70 as a sign that the index is overbought and may be due for a correction
    • Dairy producer Almarai retreats 6.1% after its fourth-quarter profit missed the lowest estimate
    • NOTE: Saudi individual and institutional investors were net sellers of 1.7b riyals in stocks last week, while GCC and foreign investors were net buyers, according to data provided by the stock exchange
    • MORE: Saudi Bonds to Join JPMorgan Index in $119 Billion Gulf Addition
  • In Abu Dhabi, Aldar Properties climbed as much as 3.3% after it said sales at Alreeman Development surpassed 1.6b dirhams, before paring gains
    • The ADX General Index drops 0.2%
  • Ahli United Bank in Kuwait gains 0.5% as it’s in discussions with Warba Bank to potentially sell their combined shareholding in Kuwait and Middle East Financial Investment Co.
    • Kuwait’s main gauge advances 0.3%
    • READ: NBK Well-Positioned to Lead Funding for Kuwait, Deputy CEO Says

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