Middle East stocks were mixed as traders weighed an acceleration in global coronavirus vaccinations against a rise in U.S. yields that may signal the return of inflation.
Israel’s TA-35 climbed as much as 1%, while benchmark stock indexes in Saudi Arabia, Bahrain and Egypt also made gains.
“We see higher inflation expectation as positive for the cyclical parts of emerging markets, such as the MENA region, especially when these expectations are driven by a rebound in the global economic growth which should propel earnings growth,” said Divye Arora, money manager at Daman Investments Psc. “However, we are also watchful of the pace of increase of 10-year US treasury yields.”
In another boost to risk sentiment, global vaccinations reached more than 202 million just over two months after the first shots were injected, according to the Bloomberg Vaccine Tracker.
- Saudi Arabia’s Tadawul All Share Index climbed as much as 0.6%, with Banque Saudi Fransi, Al Rajhi Bank and Saudi Basic Industries Corp. rising the most
- Dubai Financial Markets General Index fell 0.6% at 12:45 p.m., after rising as much as 0.5%
- Emaar Properties -1.1%; Emaar Development -3%; Du -0.5%
- Abu Dhabi’s ADX climbs as much as 0.3%
- Etisalat leads gains, rising 0.5% at 12:45 p.m.
- Kuwait Premier Market falls as much as 0.2%
- Agility drops 0.8% after announcing 6.5 million dinar impact on revenue following a court decision
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