Middle East stocks trade with oil and expected earnings: in MS


(Bloomberg) – Benchmarks for Middle Eastern stocks were little changed on Sunday as investors weighed on falling Treasury yields, pressure on oil prices and corporate earnings.

Saudi Arabia’s benchmark Tadawul All Share Index climbed the most in the region, trading 0.3% higher at 11:12 a.m. in Riyadh. The gauges of Abu Dhabi, Oman and Egypt also rose while those of Kuwait and Qatar were down. Meanwhile, the indices for Dubai, Bahrain and Israel are little changed.

Developing economies’ equities and currencies rose last week as easing Treasury yields offset concerns about an increase in cases of the virus. But Brent, a major source of income for Gulf countries, fell for the week as soaring cases in India could hamper the recovery in demand. The country is the world’s third largest importer of oil after the United States and China.

On the earnings front, Vodafone Qatar and Abu Dhabi Commercial Bank are expected to deliver results this week.

Read more: Covid crisis in India threatens global oil recovery: Julian Lee

MIDDLE EAST MARKETS:

In Saudi Arabia, Saudi Kayan climbed to 5% after posting profit for 1Q that compares to loss last year READ, April 22: Saudi Kayan 1Q Profit 492.9M Riyals Vs. Loss 516.8 million riyals Y / y Abu Dhabi’s general ADX index extends increase this year to 21%, best performance among major gauges in Etisalat region increases 0.5% on Sunday, increasing index the most points, followed by First Abu Dhabi Bank + 0.3% and Ras Al Khaimah Ceramics + 4.7% at 12:10 am local time Dubai’s DFM General Index is trading near its 100-day moving average, a mark which he traded over most of the time since early November

COMMENTS:

Among banks that have already performed in the first quarter in Saudi Arabia – Al Rajhi Bank, Bank AlBilad and Alinma Bank – loan growth has been “robust” and “even above our already generous expectations”, wrote the CI Capital analysts in a note. Loan growth in Kuwait is “healthy” and primarily driven by the consumer segment, while lending trends in the UAE have been “so far weak” as large loan repayments outweigh the loss. “New loans are already low” PLUS: a higher allowance buffer against bad debts in phase 3

FINANCIAL RESULTS:

DXB Entertainments (DXBE UH) 1Q net loss 359.8 million dirhams Saudi Telecom (STC AB) 1Q profit 2.95 billion riyals, + 1.3% year-on-year; Is. 2.78 Zamil (ZIIC AB) Profit 1Q 5.20m Riyals vs. Loss 28.8m Y / yYanbu Cement (YNCCO AB) 1Q Profit 73.4m Riyals, -20% Y / y; Is. 90.5 Al Khalij Commercial Bank (KCBK QD) Profit 1Q 185.1 million riyals against 177 million years / year Navigation in Qatar (QNNS QD) Profit 1Q 297.2 million riyals against 283.2 million

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