Most Middle Eastern equity markets advanced on Sunday, with major gauges heading for the best monthly performance since April amid growing optimism regarding a coronavirus vaccine and higher oil prices.
The main indexes in Dubai, Abu Dhabi, Saudi Arabia and Qatar were all headed to the best monthly advance in four months, with Dubai’s DFM General Index leading the increase at 11%. Kuwait’s gauge was poised for the biggest increase since March 2019.
Gauges in the region are catching up with gains for emerging-market stocks and currencies last week amid progress toward a vaccine and after the U.S. and China said they remained committed to the phase-one trade deal. Crude prices also climbed as U.S. Gulf Coast refineries began restarting after Hurricane Laura.
“Going forward, equity markets are likely to continue their upward trend, encouraged by the liquidity packages being rolled out by central banks and hopes of potential vaccines to treat Covid-19,” said Iyad Abu Hweij, the managing partner at Allied Investment Partners PJSC in Dubai.
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