Saudi Stocks Head for Longest Run of Gains Since 2014: Inside EM

(Bloomberg) -- Saudi Arabia’s main equities index climbed for a 10th straight session, heading for its longest run of gains since August 2014.

The measure -- which on Thursday breached the 9,000 level for the first time since 2015 -- is among the world’s top equity performers this year. The index has benefited from inflows after its inclusion into major gauges tracked by MSCI and FTSE Russell this year.

“We have a lot of flows coming, with $900 million end of this month and another $6 billion end of May,” Mohamad Al Hajj, an equities strategist at EFG-Hermes Holding, said in a Bloomberg TV interview. “The story will continue throughout the second half of the year.”

MIDDLE EASTERN MARKETS:

• The Tadawul All Share Index advances 0.2%, extending gains this year to 16%
• In Dubai, the DFM General Index adds 0.4%, while Abu Dhabi’s ADX General Index rises 0.3%
  • Abu Dhabi National Oil Co advances 9.2% to its highest in more than a year
  • Read: Adnoc Distribution Surges in Abu Dhabi After Boosting Dividend
• Kuwait Finance House rises 2.7% in Kuwait.
• Ahli United Bank climbs 2.4%, poised to close at the highest since 2007
  • NOTE: Both lenders are in conversation about a merger. AUB said on April 3 that due diligence studies by KFH are progressing
  • READ: KFH Hires Goldman Sachs as Adviser for Merger With Bahraini Bank
• Israel’s TA-35 Index adds 0.4%
  • Perrigo Co. Plc and Elbit Systems Ltd. contribute most to the gain
  • Read: Perrigo Unit Drawing PE Interest Bodes Well for Generics: RBC

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