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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 US 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 declining inflation. Meantime, Saudi shares increased, hovering at their highest since July 2019.
This year “looks to favour 2020 laggards in the Middle East and North Africa as business activity continues to recover,†Citigroup Inc. analysts including Mumbai-based Rahul Bajaj wrote in a report. The speed of vaccine distribution as well as a normalisation in travel and logistics will particularly benefit stocks from the United Arab Emirates, they said.
The MSCI Emerging Markets Index gained 2.4%, extending its increase for the week
ending January 8 to nearly 5%.
Brent crude rises almost 3% to $56 per barrel, its highest since February 2020.