Mideast Stocks Head Warily Into May After April Gains: Inside EM - Bloomberg

Mideast Stocks Head Warily Into May After April Gains: Inside EM - Bloomberg
Middle East stock markets were mixed as investors looked for direction on the first trading day of the month following gains in April.
The main indexes in Kuwait, Oman and Dubai each rose 0.7% on Sunday, while the gauge in Abu Dhabi added 0.5%. Saudi Arabia’s Tadawul All Share Index led losses with a 0.5% retreat. Qatari and Israeli markets were little changed. Trading in Bahrain and Egypt was closed for holidays.
Though oil, a key source of revenue in the Gulf, dropped on Friday, it finished April 5.8% higher amid signs of a revival in global fuel demand. OPEC and its allies see world consumption rebounding by 6 million barrels a day this year, a potential boost to shares in Saudi Arabia, the world’s biggest crude exporter.
Mideast Stocks Head Warily Into May After April Gains: Inside EM - Bloomberg
A recent rally in Saudi financial stocks was driven mostly by “enormous growth” both for the fourth quarter and the first three months of 2021, said Jaap Meijer, the head of equity research at Arqaam Capital in Dubai.
Two-thirds of growth is coming from retail mortgages and consumer credit, he said, adding that Riyadh-based Al Rajhi Bank is taking 50% of the mortgage market growth “as well as 80%” of consumer loans.
Shares in Al Rajhi were little changed Sunday.
  • Saudi Arabia will provide up to SAR2b ($533.4m) to fund 113 tourism projects this year, as the oil-rich nation aims to expand the sector under Crown Prince Mohammed bin Salman’s plan to diversify the economy
    • Jabal Omar Development and cement makers including Qassim Cement, Arabian Cement and Eastern Province Cement rose as much as 1.9%
  • Dubai’s DFM General Index climbs 0.7%
    • Dubai Islamic Bank falls 0.2%, extending a decline of 1.6% last week after posting 1Q numbers described as “weak” by analysts at CI Capital
  • Qatar’s QE Index extends drop to a third session to retreat 0.1%, the most in the Gulf, with Industries Qatar down 0.2% and dragging the index down the most

[Author: [email protected] (Rupert Neil Bumfrey)]

Tags: Travel, Saudi Arabia, Opec, Qatar, Bloomberg, Egypt, Dubai, Abu Dhabi, Bahrain, Gulf, Riyadh, Mohammed bin Salman, Rupert Neil Bumfrey, Dubai Islamic Bank, Al Rajhi, Jabal Omar Development, Arqaam Capital, Al Rajhi Bank, Jaap Meijer, Kuwait Oman, Bloomberg Middle East

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