U.S. markets close in 7 minutes
  • S&P 500

    3,851.37
    +82.90 (+2.20%)
     
  • Dow 30

    31,578.50
    +654.36 (+2.12%)
     
  • Nasdaq

    12,938.18
    +214.71 (+1.69%)
     
  • Russell 2000

    2,181.57
    +34.64 (+1.61%)
     
  • Crude Oil

    66.19
    +2.36 (+3.70%)
     
  • Gold

    1,695.70
    -5.00 (-0.29%)
     
  • Silver

    25.20
    -0.26 (-1.01%)
     
  • EUR/USD

    1.1927
    -0.0051 (-0.43%)
     
  • 10-Yr Bond

    1.5540
    +0.0040 (+0.26%)
     
  • GBP/USD

    1.3850
    -0.0043 (-0.31%)
     
  • USD/JPY

    108.2930
    +0.3170 (+0.29%)
     
  • BTC-USD

    49,141.46
    +791.53 (+1.64%)
     
  • CMC Crypto 200

    981.31
    +38.13 (+4.04%)
     
  • FTSE 100

    6,630.52
    -20.36 (-0.31%)
     
  • Nikkei 225

    28,864.32
    -65.78 (-0.23%)
     

Saudi Arabian Shares Lead Gulf Gains on Oil, Earnings: Inside EM

Filipe Pacheco
·2 min read

(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.

MIDDLE EASTERN MARKETS:

Saudi Arabia’s Tadawul All Share Index rose 0.8%Bank Albilad and United International Transport gained 5.6% and 4%, respectivelyOther stocks climbing: Al Rajhi Bank +1.4%, Banque Saudi Fransi +2.1%, Saudi Aramco +0.4%READ: Saudi Miner Maaden Targets Deleveraging This Year, CEO SaysDubai’s DFM General Index fell 0.2%, down 2.1% in the past three sessionsDubai Investments -3.2%, Damac Properties -2.2%, Dubai Islamic Bank -0.2%, Emaar Malls -0.6%READ: Dubai Aims to Give Vaccination to All Eligible Adults This YearQatar’s QE Index, Kuwait’s Premier Markets Index and Bahrain’s benchmark climb between 0.1% and 0.6%Feb. 5: World’s Biggest Wealth Fund Emerges as Investor in Qatar InsurerGauges in Oman and Bahrain drop as much as 0.2%In Egypt, Juhayna Food Industries slumps as much as 17% after the company confirmed its chief executive officer and deputy board chairman has been detained by authoritiesThe EGX 30 was little changed

FINANCIAL RESULTS:

Bank AlBilad FY Profit Beats EstimatesUnited International Transport FY Profit Beats Estimates

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2021 Bloomberg L.P.