Bloomberg
Mideast Stocks Climb, Track Global Peers and Oil Gain: Inside EM
(Bloomberg) -- The Middle East’s benchmark equity indexes all advanced on Sunday, tracking a global stock rally on optimism that a Democratic sweep in the U.S. will boost fiscal spending in the world’s largest economy.Egypt’s EGX 30 Index climbed for a third day to lead regional gains as the government reported slower inflation. Meantime, Saudi shares closed at their highest level since July 2019.This year “looks to favor 2020 laggards in the Middle East and North Africa as business activity continues to recover,” Citigroup Inc. analysts including Rahul Bajaj wrote in a report. The speed of vaccine distribution as well as a normalization in travel and logistics will benefit stocks in the United Arab Emirates, particularly in Dubai, they said.MIDDLE EAST MARKETS:Dubai stocks rose 1.9%Dubai Investments +3.7%; Emaar Properties +3.1%; Dubai Islamic Bank +3%Top picks for Citigroup in the UAE include Aramex on margin recovery and inbound travel normalization as well as Emirates NBD on strong provisioningThe Tadawul All Share Index advanced as much as 1.2% before paring some gains and closing up 0.9% Most benchmark members increased, including bank sharesEgyptian stocks climbed 2.4% while the TA-35 Index in Tel Aviv was up 1.8% as of 2:45 p.m. local timeAl Khalij Commercial Bank PQSC shares surged after it agreed with Masraf Al Rayan QSC for a share-swap combination that will create Qatar’s second-largest lenderEquities in Abu Dhabi, Qatar, Kuwait, Oman and Bahrain also advanced(Updates with closing prices.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The Link LonkJanuary 10, 2021 at 05:43PM
https://uk.finance.yahoo.com/news/forget-bitcoin-price-d-invest-104353510.html
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