Stocks in Jordan snapped a three-day advance, bucking gains in most Middle East markets, after several arrests were made following what may have been an attempt to destabilize the current government.
The Amman Stock Exchange General Index fell as much as 0.6% Sunday, reversing an increase of 0.5% last week. Jordan Petroleum Refinery Co. and Jordan Phosphate Mines fell more than 1%, dragging the index down the most.
Over the weekend, Hasan Bin Zeid, a member of the Jordanian royal family, was held on security grounds along with several others, including a former minister. Saudi Arabia, the United Arab Emirates, Qatar, Egypt and other Arab states expressed support for King Abdullah II.
Elsewhere in the region, benchmarks rose in Saudi Arabia, Dubai, Abu Dhabi, Bahrain and Kuwait as weighed in prospects of higher oil production in the near term. Last week, OPEC+ showed growing confidence in the global economic recovery by agreeing to increase oil production gradually in the coming months.
Saudi Arabia and its allies showed they are more convinced now that fuel demand is on a firmer footing after a yearlong beating from the coronavirus.
Investors should see “a very solid first quarter for Saudi petrochemicals,” said Jaap Meijer, the head of equity research at Arqaam Capital, in an interview to Bloomberg Television.
- The Tadawul All Share Index gains 0.4% as of 11:04 a.m. local time, extending an increase of 5.1% last week, the best weekly performance this year
- Sabic +0.9%, Saudi Telecom +1%, Saudi Research & Marketing +7.2%, Saudi Aramco +0.4%
- Saudi banks have been chasing retail share with mortgages in the spotlight, “but growth may slow as risk and stability become the focus, not earnings,” Bloomberg Intelligence analyst Edmond Christou writes in a note
- S&P Global Ratings cut Morocco’s sovereign rating by one level to BB+ from BBB-, citing the country’s economic contraction and growing budget deficit
- Oman’s rating affirmed at B+
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