Middle Eastern Equities Rise With Banks Strengthening: Inside EM - BloombergBanks led gains across most Middle East stock markets with credit growth eyed across several markets. Equities in Saudi Arabia, Abu Dhabi, Kuwait, Qatar and Bahrain climbed, while shares in Dubai and Egypt slipped.
MIDDLE EASTERN MARKETS:
- Saudi Arabia’s benchmark Tadawul All Share Index closes 0.8% up
- Al Rajhi Bank and Banque Saudi Fransi lead gains
- There is “immense” opportunity for Saudi banks over potential corporate credit growth amid government programs like Shareek, Hootan Yazhari, BofA’s head of MENA and global frontier markets equity research, said in an interview with Bloomberg TV
- Saudi Electricity falls 2% after profit missed estimates
- Kuwait’s Premier Market index climbs 0.5%
- National Bank of Kuwait leads gains
- “For Kuwait, it is a story of reform and back to normal business activities. Credit growth has been diversified and strong for NBK and asset quality is well managed,” Bloomberg Intelligence analyst Edmond Christou said
- “Kuwait’s catch up on infrastructure spending could continue to drive corporate growth,” BI analyst Lea El-Hage added
- Mabanee rises 1% after reporting a jump in third-quarter profit
- The Dubai Financial Market General index falls 0.3% after surging last week over a series of reforms
- Bourse operator DFM rises 14% to a 2015 high
- Emaar Properties falls 1.5% after a 19% rally last week
- Aramex slumps 3.9% after net income missed estimates
- Abu Dhabi’s ADX General Index up 1%
- IHC jumps 3.5% after reporting third-quarter earnings
- First Abu Dhabi Bank is second biggest gainer by points, rising 1.4%
- Qatar’s QE Index rises 0.3%
- Qatar National Bank +0.7%; Qatar Islamic Bank +0.7%; Commercial Bank of Qatar +0.3%
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