Middle East: Abu Dhabi’s Stocks Reach Record Highs, Led by PJSC – May 16

    Due to Tensions, Israeli and Palestinian Markets Decline

    Despite escalating tension in the region, Abu Dhabi’s stock index soared to the record level. The ADX General Index added as much as 2.1%, lifted by First Abu Dhabi Bank PJSC, the biggest lender in the United Arab Emirates. The stock advanced a whopping 5.6%, boosted by MSCI that announced a quarterly review that could bring about $500 million from abroad. Markets in Oman advanced. Stocks in Dubai retreated. Other markets in the region, including Saudi Arabia, Qatar, Kuwait, Bahrain, Egypt, and Israel, were shut down for holidays. 

    Israel’s TA-35 shed 0.5% last week. The broader TA-125 gave up 0.6%, experiencing the first weekly drop since March 25. The Palestine Stock Exchange Al Quds Index slid 0.7% on Sunday. The market was closed last week for Eid Al-Fitr. 

    These are the major moves in the Middle Eastern markets that traders should watch on Sunday:

    Dubai’s DFM General Index lost 0.9% as of 11:44 a.m. local time.

    Emaar Properties were 3% lower. Emirates NBD decreased 0.8%; Emaar Malls sank 4%.

    Damac Properties lost 3.2%, most in about a month after reporting disappointing results.

    Oman’s MSM 30 Index advanced 0.1%.

    Last week, the U.S.-listed BlueStar Israel Technology ETF dropped 4.9%, down for three weeks in a row, and the iShares MSCI Israel ETF dipped 3.6%.

    Have a productive trading day!

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