Most Gulf Equity Markets Gain as Iran Risk Eases: Inside EM
Most Gulf Equity Markets Rally as Iran Risk Eases: Inside EM
(Bloomberg) -- Qatar led Middle Eastern equity markets higher on Sunday amid easing tension between the U.S. and Iran, reversing a negative trend that prevailed most of last week.
The QE Index rose 0.6% on Sunday in Doha, more than any regional peer. Saudi Arabia’s Tadawul All Share Index climbed as much as 0.7% before trimming some gains, with 80% of index members advancing and materials contributing the most to the increase. Benchmarks in Dubai, Abu Dhabi, Bahrain and Egypt also climbed.
Shares in the region caught up with an extension of gains for an index tracking emerging markets equities on Friday, as President Donald Trump backed away from the precipice of war with Iran following the Islamic Republic’s attacks on Iraqi bases where U.S. forces are stationed.
In Riyadh, the final size of Saudi Aramco’s initial public offering jumped to $29.4 billion, one month after its debut as Goldman Sachs Group Inc., one of the underwriters, executed an over-allotment option on the shares.
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MIDDLE EASTERN MARKETS:
- The Tadawul All Share Index finished 0.3% higher. The index dropped 0.6% last week
- Stocks contributing the most to the increase by index points: Etihad Etisalat +5.6%; Jabal Omar +1.9%; National Shipping Co. +3.4%
- Advanced Petrochemical climbs 2.2% after reporting full year profit that beat the average analyst estimate
- Samba Financial Group falls 2.8% after announcing 2H dividend of 0.7 riyal/share, lower than for the same period the previous year
- MORE: Positive Jaws is Key to Alinma’s 4Q Profit: Earnings Outlook
- Dubai’s DFM General Index rises 0.1%. It retreated 0.7% last week
- Equity indexes in Abu Dhabi, Bahrain and Egypt increase between 0.2% and 0.5%
- Oman’s stock exchange is closed Sunday, Monday, Tuesday for the official mourning period after the death of Sultan Qaboos, who has died at age 79
- Kuwait’s bourse to be closed Sunday, Monday
- READ: Oman Ruler Must Navigate Volatile Region Taking Over From Qaboos
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, James Amott
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