(Bloomberg) –Equity markets in the Middle East advanced, tracking earlier emerging market gains. Saudi Arabia’s benchmark led the way, as traders wait for Saudi Aramco to pull the trigger on its mammoth IPO.
Gauges from Riyadh to Dubai and Doha rose, with bank stocks contributing the most to the the Tadawul All Share Index rally. An index tracking stocks from developing countries climbed 1.5% on Friday after two days of talks concluded with the U.S. and China agreeing on the outline of a partial trade accord.
READ: World’s Biggest IPO Tests Saudis’ Faith in Their Crown Prince
Dubai’s main index is trading about to break its 50-day moving average.
Saudi Aramco’s board is expected to give final approvals to proceed with its share sale this week, according to people familiar with the matter.
MIDDLE EASTERN MARKETS:
- Equity Indexes in Saudi Arabia, Dubai, Abu Dhabi, Oman and Qatar rise between 0.1% and 0.2%
- The Tadawul Banks Index climbs 1% as of 10:18 am in Riyadh, recovering from last week’s 4.1% decline
- In Dubai, Arabtec rises 7.8%, extending gains this month to more than 10%
- Reuters reported last week that UBS is working with Arabtec, while Shuaa Capital is working with Trojan Holding for a potential merger
- Kuwait’s Premier Market index up 0.1%
- Ahli United Bank gains 0.4%. The lender said after last week’s close that Bahrain’s central bank is yet to approve a takeover by Kuwait Finance House
READ: Aramco Showcases Major Recovery Post Oil-Attack Within A Month
–With assistance from Manus Cranny.
