Stocks in Middle East Little Changed, Oil Drops

    Investors Eye Treasury Yields and Corporate Earnings

    Trading was flat in the Middle East on Sunday. Entities benchmarks little changed while investors contemplated lower Treasury yields, corporate earnings data, and the pressurized oil price. 

    Saudi Arabia’s benchmark Tadawul All Share Index was the leader among its peers on Sunday and rose 0.3% in the midmorning in Riyadh. Now it is trading at 10,167.24 SAR. Gauges in Oman, Egypt, and Abu Dhabi advanced as well. Gauges in Qatar and Kuwait retreated. Indices in Israel, Dubai, and Bahrain remained mostly unchanged. 

    Last week, stocks and currencies climbed, since investors concentrated more on weakening yields than on the raging coronavirus. Brent crude, which feeds Gulf countries, decreased for the week, pushed lower by the surge of coronavirus infections in India. The deadly pandemic in India might threaten the revival of oil demand, since the country is the world’s third-largest oil importer.  As of writing, WTI crude is trading at $62.14.

    Major markets moves that traders should watch on Sunday are as follows:

    Saudi Kayan in Saudi Arabia advanced 5% after it posted a profit for the first quarter comparable to a loss in 2020. Saudi Kayan’s profit this year was 492.9 million Riyals, while its last year’s loss was 516.8 million Riyals. 

    The ADX General Index in Abu Dhabi increased this year 21%, thereby becoming the best performer among major gauges in the Middle East. On Sunday, the index was led by Etisalat, Emirates Telecommunication Group Company PJSC. First Abu Dhabi bank also contributed to the index’s advance by adding 0.3%. Ras Al Khaimah Ceramics soared 4.7% and, too, took part in bringing the ADX General Index higher.  As of writing, the company is trading at 1.80 AED. 

    The DFM General Index traded near its 100-day moving average. The index has consistently been trading at this level since early November, 2020. 

    Meanwhile, investors are awaiting earning results from Vodafone Qatar and Abu Dhabi Commercial Bank due this week. 

    Have a successful trading day!

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