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Most Mideast Stocks Rise to Track Peers, Oil Higher: Inside EM

Source: Bloomberg News, by Filipe Pacheco and Farah Elbahrawy

Most Middle East stock markets advanced, taking their cue from rising crude oil prices and gains elsewhere in emerging markets last week.

Indexes in Saudi Arabia, Abu Dhabi, Bahrain and Oman climbed as much as 0.3%, while those in Dubai, Kuwait and Qatar slipped. The Tadawul All Share Index in Riyadh rose for the sixth consecutive session to trade at the highest level since July 2019.

The prospect of the formal start to President-elect Joe Biden’s transition to power and optimism that the roll-out of vaccines will speed up the economic recovery helped emerging-market stocks and currencies to post their fourth week of gains through Friday. Oil also rallied ahead of an OPEC+ ministerial gathering this week.

Sunday’s gains defied increased tensions in the region following the killing of Iran’s top nuclear scientist on Friday. Iranian President Hassan Rouhani accused Israel of what he called an “act of terrorism,” saying his country will respond “when the time is right.”

MIDDLE EASTERN MARKETS:

  • Saudi Pharmaceutical Industries and Medical Appliances Corp. rose as much as 6.3% after it said it signed a non-binding memorandum of understanding with German biotech company CureVac to provide a Covid-19 vaccine in Saudi Arabia
  • Saudi Telecom Co., the biggest mobile operator in the Middle East, said its chief executive officer resigned after just over two years in the role
    • STC shares gain 0.2% as of 10:07 a.m. in Riyadh
  • Kuwait’s Boubyan Bank obtains approval to issue as much as $500 million or its equivalent in other currencies in sukuks
    • Shares dropped 0.6%

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