Israeli Shares Rise Most in Mideast While Egypt Slips: Inside EM

Israeli equities climbed the most in the Middle East as dual-listed firms caught up with U.S.gains from Thursday.

The country’s TA-35 benchmark rose as much as 1.7%. Stocks that are also listed in the U.S., including Azrieli Group Ltd, Bank Leumi Le-Israel BM and ICL Group Ltd, were among the biggest gainers on Sunday.

Elsewhere, gauges in Saudi Arabia, Bahrain, Oman and Qatar rose, with Brent crude staying above $50 a barrel in the past two weeks.

Egypt’s benchmark was the biggest loser after the central bank put monetary easingon pause amid fears over the effect of a new strain of the coronavirus on global markets. Dubai shares slipped after the government said it expects to spend 57.1 billion dirhams ($15.5 billion) next year to cushion the blow from the pandemic.

Indexes in the region were mostly trading below their average volume in the past 30 days amid the year-end holidays.

“Although the liquidity is thin, we believe with the concerns around the new strain of coronavirus settling down a bit, we can see investors continue to position in the reopening and cyclical recovery plays in travel, tourism, banks, petrochemical and real-estate sectors,” said Divye Arora, money manager at Daman Investments in Dubai. “Oil price not breaking below 50 level is also supportive for the regional markets.”

HIGHLIGHTS:
  • The MSCI Emerging Markets Index fell 1% in the five days through Friday, breaking a seven-week winning streak
  • EM Review: Risk Rally Stutters as New Virus Mutation Emerges
  • Read: Qatar Says Bahrain Violated Airspace as Summit Approaches

MIDDLE EASTERN MARKETS:

  • Egypt’s EGX 30 falls 0.8%
    • Beltone Financial Holding -4.1%; Sidi Kerir Petrochemicals -3.9%; Orascom Development -3.8% at 10:39 a.m. in Cairo
    • Cleopatra Hospital rises 3.6%
    • Read:Cleopatra Board Approves Acquisition of Alameda Healthcare
    • DXB Entertainments extends losses to about 18% since Dec. 20, when Meraas Holding LLCoffered to delist the troubled park operator
    • Damac Properties rises as much as 2.1%, before falling 0.7%
    • Read:Damac Sees UAE Property Market Recovery in Two Years, Zawya Says
    • Malath Cooperative Insurance +6.6%; SABB Takaful +5.1%; Saudi Re for Cooperative Reinsurance +4.6% at 11:37 a.m. in Riyadh

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