Saudi Arabian Shares Lead Gulf Gains on Oil, Earnings: Inside EM - Bloomberg
Saudi Arabia’s main equities index led advances in the Gulf on Sunday, catching up with gains in oil and emerging-market stocks last week.
The Tadawul gauge also got a boost by earnings from Bank AlBilad and United International Transport that were higher than estimates. Saudi Arabian Mining Co. extended gains after the company said it plans to focus on deleveraging this year.
Abu Dhabi’s main index ended higher after the exchange said it’ll reduce trading fees on all transactions. Stock gauges in Kuwait, Qatar and Bahrain also advanced. The benchmark in Dubai extended losses for the third session, and Oman’s also fell.
Last week, oil futures rallied to a one-year high as Chinese consumption surpassed pre-virus levels, the vaccine rollout restored confidence and the OPEC cartel kept a tight leash on supply. Also, stocks in developing countries posted their best week in three months as U.S. President Joe Biden’s push for a $1.9 trillion pandemic-relief package revived the reflation trade.
As higher oil prices support government revenue and stimulus, stocks in the United Arab Emirates with “higher yields and lower valuations” look “poised for a breakout,” Emirates NBD analysts led by Chief Investment Officer Maurice Gravier wrote in a note.
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