Saudi Stocks Lead Mideast Gains as Oil Surpasses $85: Inside EM

Visitors look at stock price information displayed on a digital screen inside the Saudi Stock Exchange, also known as the Tadawul, in Riyadh, Saudi Arabia, on Tuesday, April 10, 2018. Foreign investors bought more Saudi stocks in March than ever before in anticipation of the kingdoms upgrade to emerging-market status. Photographer: Bloomberg/Bloomberg , Photographer: Bloomberg/Bloomberg

Farah Elbahrawy, Bloomberg News

Oct 17, 2021

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(Bloomberg) --

Stocks in the Middle East picked up on Friday’s rally across global markets as oil’s gains through $85 a barrel emboldened investors.

“GCC markets are taking cues from the positive performance in global equity markets on Friday,” said Junaid Ansari, head of investment strategy and research at Kamco Invest. “Moreover, oil is now trading at close to eight-year high levels. This should provide a boost on the economic front for almost all the GCC economies.”

READ: Oil’s Leap Through $85 Shows Spillover Effect From Energy Crisis

  • Saudi Arabia’s Tadawul All Share Index climbs as much as 0.7%
    • Adding to the index most by points: Al Rajhi Bank +0.6%; Jabal Omar +2.2%; Saudi Kayan +2.7%
    • Aldrees Petroleum rises as much as 1.7% after reporting a 28% increase in third-quarter profit
    • BinDawood and Arabian Centres jump more than 3% after saying they see positive impact from the government’s easing of Covid-19 measures
  • Abu Dhabi’s ADX General Index climbs 0.3% at 11:24 a.m. local time
    • Sharjah Islamic Bank jumps to the highest level in seven years after reporting a 65% increase in third-quarter profit
  • Dubai Financial Market General Index is up 0.5%
    • Emaar Properties leads by points, climbing 1%
  • Kuwait’s Premier Market Index up 0.3%
    • Kuwait Finance House +0.5%; National Bank of Kuwait +0.2%; Ahli United Bank +0.4%
  • Qatar’s QE Index rises for a sixth day
  • Oman’s MSM 30 Index jumps 0.6% after Moody’s changed its outlook on the country to stable from negative

Key News:

  • Tunisia is in “very advanced discussions” with Saudi Arabia and the United Arab Emirates for help in financing its budget
  • Energy traders weighing the probability of a revived nuclear accord between Iran and world powers might do better to train their gaze on Beijing rather than negotiations in Vienna
  • Egypt’s president said a revamp of the nation’s bloated and costly subsidy system was necessary, amid a broader push by the government to ensure that such aid reaches the neediest segment of the population

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