Middle Eastern Stocks Climb With Earnings in Focus: Inside EM
Middle Eastern Stocks Climb With Earnings in Focus: Inside EM
(Bloomberg) --
Most Middle Eastern equity markets gained at the start of the week, with investors focusing on earnings across the region.
Dubai’s benchmark index rose for a seventh consecutive session as banks and real estate companies climbed. Stock gauges in Qatar, Bahrain, Oman, Kuwait, Egypt and Israel also advanced.
Saudi retailer United Electronics Company, or Extra, finished at a record high after full-year profit beat the average estimate among analysts. Food producer Almarai Co. extended losses to a third day after disclosing profit that missed the lowest estimates.
Other names expected to deliver results this week are National Commercial Bank, Samba Financial Group and National Bank of Kuwait.
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MIDDLE EASTERN MARKETS:
- Dubai’s DFM General Index climbs 1.2%, with Emirates NBD, Emaar Properties and Emirates Integrated Telecommunications rising at least 1.4%
- Saudi Arabia’s Tadawul All Share Index falls 0.1%, trimming increase of 1.4% last week
- Stocks pressuring the most by index points: Saudi British Bank -2%; Saudi Aramco -0.7%; Sabic -0.7%; Banque Saudi Fransi -1.2%
- READ: Verdict on Aramco Crude-to-Chemicals Plan With Sabic Seen in 2Q
- MORE: Lower 2020 Fiscal Stimulus, Slower Saudi Growth
- Renaissance Capital rated National Bank of Kuwait and Gulf Bank as new buy; Kuwait Finance House as new hold and Boubyan Bank as new sell
- Egypt’s EGX 30 rises 0.7% even after the central bank unexpectedly refrained from another cut in interest rates last week
- READ: U.A.E Approves Draft Law to Allow Family-Owned Companies to List
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, Paul Wallace, Sara Marley
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