Stocks in Mideast Decline on Growth Concerns: Inside EM

(Bloomberg) --

Saudi Arabian stocks led a decline in the Middle Eastern equities markets on Sunday triggered by concern over the strength of U.S. stock markets after the S&P 500 fell for five straight days. The extent of the drop was mitigated by gains in oil prices. 

MIDDLE EASTERN MARKETS:

• Tadawul All Share Index ended down 0.66%
  • Traders focused on the IPO of Saudi Telecom Co.’s internet-services unit which closes for institutional investors on Monday. The firm is seeking to raise as much as 3.62 billion riyals ($966 million) from the Riyadh listing
  • “Investors booked profit in Saudi index heavy weights while renewed interest was seen in reopening theme stocks. Oil was supportive cushioning the fall prompted by global cues”: Joice Mathew, head of equity research at United Securities in Muscat
• Dubai Financial Market General Index finished 0.36% down
  • Emaar Development was -2.2%, Dar Al Takaful had the largest drop -3.7%, Gulf Navigation -3.3%
  • Shuaa gained 0.43% after the company said CEO Alseddiqi directly owns 29.9% of shares
  • Read: Aramex recently entered into discussions with the shareholders of MNG Kargo for a potential acquisition
  • Dubai Financial Market plans to start new equity futures contracts in stocks of Dubai Investments, DFM Co. and Shuaa Capital on Sept. 19
  • Read: The United Arab Emirates will spend 24 billion dirhams ($6.5 billion) on a package of benefits and subsidies designed to reduce citizen unemployment by making private sector-jobs more attractive.
• Bahrain Bourse All Share Index fell 0.2%, led by Ahli United Bank BSC
• Kuwait Premier Market Index was down 0.1%
  • Boubyan Petroleum -1.03%; Ahli United Bank -0.7%
• TelAviv’s TA-35 was down -0.3% with Perrigo Co. contributing the most to the index decline -4.2%
  • Read: Israel-based Tnuva has signed an agreement with the Emirates Food Industries for the sale of knowledge and assistance in establishing dairy production lines.
  • Israel is making preparations to ensure it has sufficient vaccine supply in case a fourth round of Covid-19 shots is needed, the country’s top health official said on Sunday.
• Egyptian stock index closed down -0.2%
  • Eastern Co fell -2.5% and MM Group for Industry & International Trade had the largest drop of -3%
• Oman’s main equities index was the sole regional index that ended higher, rising 0.1%
  • The index was propelled by Galfar Engineering up 5.1% after winning a 40 million Omani Riyal contract
  • Some accumulation bids in National Bank of Oman +2.6% also supported the index

©2021 Bloomberg L.P.