Israeli Shares Extend Drop Ahead of Decision on Virus Lockdown - Bloomberg:
Israeli stocks led losses in the Middle East as markets in the region catch up with a rout in the U.S. at the end of last week that spilled over to shares in developed and emerging markets.
The TA-35 fell as much as 3.4% in Tel Aviv to the lowest level in more than five months after the country’s interior minister said the government will meet later this week to decide on a general lockdown following a recent surge in coronavirus cases. Benchmarks in the United Arab Emirates, Saudi Arabia, Qatar and Kuwait also declined.
Emerging-market stocks posted the biggest weekly drop since April with a sell-off on Wall Street adding to rising frictions between the U.S. and China. The Nasdaq 100 lost 6.4% in the last two days of the week, when most markets in the Middle East were closed. Brent crude also dropped, with futures contracts ending at the lowest since July.
“Going forward, global equities might witness increased volatility as investors will continue to take some profits off the table on the back of stretched valuations,” analysts at Allied Investment Partners wrote in a note.
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