Equities benchmarks in the Middle East traded little changed on Sunday as investors weigh lower Treasury yields, pressure on the oil price and corporate earnings.
Saudi Arabia’s benchmark Tadawul All Share Index climbed the most in the region, trading 0.3% higher by 11:12 a.m. in Riyadh. Gauges in Abu Dhabi, Oman and Egypt also made gains while those in Kuwait and Qatar are down. Meanwhile, indexes in Dubai, Bahrain and Israel are little-changed.
Stocks and currencies in developing economies rose last week as easing Treasury yields offset concerns over a rise in virus cases. But Brent crude, a major source of revenue for Gulf countries, declined for the week as the surge in cases in India could hamper demand recovery. The country is the world’s third-largest oil importer after the U.S. and China.
On the earnings front, Vodafone Qatar and Abu Dhabi Commercial Bank are expected to deliver results this week.
- In Saudi Arabia, Saudi Kayan climbed as much as 5% after posting a profit for the 1Q that compares to a loss last year
- Abu Dhabi’s ADX General Index extends increase this year to 21%, the best performance among major gauges in the region
- Etisalat rises 0.5% on Sunday, boosting the index the most by points, followed by First Abu Dhabi Bank +0.3% and Ras Al Khaimah Ceramics +4.7% at 12:10 p.m. local time
- Dubai’s DFM General Index trades near its 100-day moving average, a mark it has traded above for most part of the time since early November
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