Save Qatar and Egypt, Mideast Stocks on the Rise
Middle Eastern markets are heading for the successful end of the month, propped by the quickening pace of an economic recovery. Benchmark indices in the United Arab Emirates jumped the most among other Gulf markets in May. The UAE boasts one of the highest coronavirus vaccination rates in the world.
Among the Middle Eastern markets, the monthly growth is distributed as follows: Dubai rose 8.4% in May. Abu Dhabi appreciated 7.8%. Israel advanced 4.0%. Bahrain gained 3.3%. Oman rose 2.1%. Kuwait soared 1.9%. Saudi Arabia surged 1.1%. Qatar dropped 1.6%. Egypt lost 2.2%.
Factors that contributed to these countries’ economic growth this month are various. Vaccination and the lifting of coronavirus restrictions are the major forces driving the Middle Eastern economies forward. Rising oil prices and the advance of the private sector also precipitated their rebound. Falling Egyptian shares are negatively affected by geopolitics.
Brent crude, the major source of revenue for Gulf countries, increased by 3.5% in May. The S&P 500 nearly set a record at the end of the week. The MSCI Inc.’s emerging markets index ended the week at the highest level in a month.
Shares in Dubai, Saudi Arabia, Bahrain, Oman, Egypt, and Israel surged on Sunday. Stocks in Abu Dhabi and Qatar declined. The Kuwait market did not change much on Sunday.
These are the moves in the markets that traders should watch today:
Kuwait Primer Market added 0.6%, brought higher by gains in the bank industry. National Bank of Kuwait rose 0.8%; Ahli United Bank advanced 0.9%; Boubyan Bank was 0.8% higher.
The Tadawul All Share Index extended its winning streak for the fourth day, supported by the high performance of consumer durables and media sub-indexes.
ADX General Index in Abu Dhabi has carried its losses over to the third day. The Dubai Financial General Index was little changed.
Boosted by gains in Commercial International Bank, Egyptian EGX 30 index stopped its three-day fall and surged on Sunday.
Have a successful trading day!