The Middle East’s benchmark equity indexes all advanced on Sunday, tracking a global stock rally on optimism that a Democratic sweep in the U.S. will boost fiscal spending in the world’s largest economy.
Egypt’s EGX 30 Index climbed for a third day to lead regional gains as the government reported declining inflation. Meantime, Saudi shares increased, hovering at their highest since July 2019.
This year “looks to favor 2020 laggards in the Middle East and North Africa as business activity continues to recover,” Citigroup Inc. analysts including Mumbai-based Rahul Bajaj wrote in a report. The speed of vaccine distribution as well as a normalization in travel and logistics will particularly benefit stocks from the United Arab Emirates, they said.
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