Middle East Stock Market News: Latest Updates on Equities in Gulf, September 13

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The main equities index in Tel Aviv retreated the most in the Middle East as the country is set to enter a second coronavirus lockdown.

The TA-35 declined as much as 1.5% on Sunday, adding to a 2.6% decline last week, dragged down by LivePerson Inc, Bank Hapoalim BM and Israel Discount Bank Ltd. The gauge traded at the lowest level since April 6.

An inner cabinet of Israeli ministers late on Thursday approved a two-week, full-fledged lockdown, to be followed by two more weeks of strict limits on movement and economic activity. The plan is subject to the final approval of the full cabinet on Sunday and faces opposition from some ministers. Israel’s equity index is down 7.3% in September.

Elsewhere in the region, gauges in Saudi Arabia, Kuwait and Qatar advanced as much as 0.8%, while those in Dubai, Abu Dhabi, Bahrain and Oman slipped.

MIDDLE EASTERN MARKETS:

  • In the United Arab Emirates, hundreds of fines and warnings were issued to outlets at shopping malls in Dubai on a single day for flouting Covid rules, Khaleej Times reported
    • Indexes in Dubai and Abu Dhabi fall 0.2% each as of 11:28am local time
  • Vodafone Group said it remains in talks to sell its Egyptian business to Saudi Telecom Co., after failing to finalize terms before a deadline
    • STC shares up 0.1% to SAR99.30
  • BinDawood Holding Co., one of Saudi Arabia’s largest grocery chains, has set a range of 84 to 96 riyals ($22-$26) per share for its initial public offering this month
  • Boursa Kuwait shares to debut in Kuwait’s stock exchange on Monday
    • Shares were sold to Kuwaiti investors for 100 fils last year
  • READ: Saudi Banks’ 2020-21 Earnings Power Is Weakening


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