#Saudi Stocks Recover to Lead Gains in the Middle East: Inside EM - Bloomberg

Saudi Stocks Recover to Lead Gains in the Middle East: Inside EM - Bloomberg:

Saudi Arabia’s main equities index rose the most in the Middle East, recovering from its worst weekly performance since June.

The Tadawul All Shares Index ended the day 0.7% higher following a 1.2% decline last week -- its first weekly drop in more than three months. Saudi British Bank, Saudi Kayan Petrochemical Co. and National Industrialization Co. all advanced more than 1.8%.

Fahd Iqbal, the head of Middle East research at Credit Suisse, said that valuation for Saudi Arabian shares is “very rich” when compared to emerging markets. For the premium they trade at to be justified, “we would have to see a very speedy economic recovery, but that is not the kind of environment we are expecting in the fourth quarter,” Iqbal said in an interview to Bloomberg TV.

The kingdom is preparing for a quick rebound in tourism and hasn’t revised its visitor targets for 2021 despite the pandemic, Tourism Minister Ahmed Al-Khateeb said.