Dubai Stocks Rise Most in Mideast, Track Global Peers: Inside EM

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Dubai’s benchmark index climbed the most in the Middle East, tracking global stock rallies on optimism surrounding the rollout of coronavirus vaccines.

Indexes in Abu Dhabi, Oman and Israel also rose, while Egypt’s main gauge fell. The Tadawul All Share Index in Riyadh dropped, weighed down by consumer durables and the apparel sector. Markets in Kuwait and Bahrain were closed for a public holiday.

Last week, emerging-market stocks advanced to thehighest level since 2007 amid optimism over the vaccines and as a slide in the dollar boosted risk assets.

The United Arab Emirates, of which Dubai is a part, reported record-high coronavirus cases on Saturday. The Gulf nation has approved the shot developed by Pfizer Inc. and BioNTech SE, as well as the one by Sinopharm unit China National Biotec Group.

HIGHLIGHTS:
  • The MSCI Emerging Markets Index gained 2.9% last week, extending its increase during 2020 to about 16%
  • Brent crude rose for a third straight day on Thursday to $51.8 per barrel
  • EM Review: Stocks Climb to 13-Year High as Year-End Approaches
  • READ:Qatar Ruler Gets Invite to Attend Summit That May Ease Gulf Rift

MIDDLE EAST MARKETS:

  • Saudi Arabia’s main gauge drops as much as 0.9%
    • Most of the index’s constituents decline

    — With assistance by Farah Elbahrawy

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