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relates to Historic Low Yields Back in Sight After Volatility Vanquished relates to U.A.E. Amps Up Stimulus, Unveils New Aid Package relates to Top Fund Manager Is ‘Hoovering Up’ Huge Amounts of Cheap Credit relates to The U.S. Market Can Learn From Europe’s ‘Thoughtful’ Payout Cuts relates to Waiting for the Next Historic Number: Global Economy Week Ahead relates to Singapore Retail Investors Use Cheap Cash to Load Up on Stocks relates to Orr Says RBNZ Can Give Monetary Support for as Long as Needed relates to Mnuchin’s Unfilled Jobs Leave Treasury Stretched in Virus Crisis relates to Death Toll Passes 60,000; Spain Extends Lockdown: Virus Update
Markets

Middle Eastern Stocks Climb With Earnings in Focus: Inside EM

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Middle Eastern Stocks Climb With Earnings in Focus: Inside EM

  • Dubai’s equity index rises the most among regional peers
  • In Saudi Arabia, retailer Extra climbs to highest on record
Inside the Saudi Stock Exchange. 

Inside the Saudi Stock Exchange. 

Photographer: Simon Dawson/Bloomberg
Inside the Saudi Stock Exchange. 
Photographer: Simon Dawson/Bloomberg

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Most Middle Eastern equity markets gained at the start of the week, with investors focusing on earnings across the region.

Dubai’s benchmark index rose for a seventh consecutive session as banks and real estate companies climbed. Stock gauges in Qatar, Bahrain, Oman, Kuwait, Egypt and Israel also advanced.

Saudi retailer United Electronics Company, or Extra, finished at a record high after full-year profit beat the average estimate among analysts. Food producer Almarai Co. extended losses to a third day after disclosing profit that missed the lowest estimates.

Other names expected to deliver results this week are National Commercial Bank, Samba Financial Group and National Bank of Kuwait.

HIGHLIGHTS:
  • Emerging-market stocks and currencies both advanced for a seventh straight week. The MSCI Emerging Markets Index gained 1.2% for the five days ended Jan. 17, and the EM currencies gauge climbed 0.1%
  • EM Review: Phase-One Trade Deal Signed as Rate Cuts Supported
  • MORE: Libya’s Sarraj Says Oil Squeeze Shows Rival Wants No Peace

MIDDLE EASTERN MARKETS:

  • Dubai’s DFM General Index climbs 1.2%, with Emirates NBD, Emaar Properties and Emirates Integrated Telecommunications rising at least 1.4%
  • Saudi Arabia’s Tadawul All Share Index falls 0.1%, trimming increase of 1.4% last week
    • Kuwait’s Premier Market index advances 0.7%
      • Renaissance Capital rated National Bank of Kuwait and Gulf Bank as new buy; Kuwait Finance House as new hold and Boubyan Bank as new sell
    • Egypt’s EGX 30 rises 0.7% even after the central bank unexpectedly refrained from another cut in interest rates last week
    • READ: U.A.E Approves Draft Law to Allow Family-Owned Companies to List