Shares in Jordan shattered a three-day lead, outpacing gains in most Middle Eastern markets, after several arrests in what could have been an attempt to destabilize King Abdullah II’s government.
The general Amman Stock Exchange index fell 0.6% on Sunday, reversing a 0.5% rise last week. Jordan Petroleum Refinery Co. and Jordan Phosphate Mines fell more than 1%, pushing the index down the most.
Over the weekend, Hasan Bin Zeid, a member of the Jordanian royal family, was detained on security grounds along with several other people, including a former minister. Saudi Arabia, the United Arab Emirates, Qatar, Egypt and other Arab states have expressed their support for the king.
Read more:Jordan on alert as former crown prince arrested at home
Elsewhere in the region, benchmarks rose in Saudi Arabia, Dubai, Abu Dhabi, Bahrain and Kuwait as investors weighed on prospects for increased oil production. Last week, OPEC + showed growing confidence in the global economic recovery by agreeing to gradually relaunch oil production in the coming months.
Saudi Arabia and its alliesshowed they were more convinced now that fuel demand was on a firmer footing after a year of coronavirus hits.
Investors should see “a very strong first quarter for Saudi petrochemicals,” Jaap Meijer, head of equity research at Arqaam Capital, said in an interview with Bloomberg Television.
MIDDLE EAST MARKETS:
- The Tadawul All Share Index gains 0.4% at 11:04 am local time, extending a 5.1% rise last week, this year’s best weekly performance
- Sabic + 0.9%, Saudi Telecom + 1%, Saudi Research & Marketing + 7.2%, Saudi Aramco + 0.4%
- Saudi banks have been looking for retail shares with mortgages in the spotlight, “but growth may slow as risk and stability become the priority, not earnings,” writes Bloomberg analyst Edmond Christou Intelligence.
- S&P Global Ratingslower Morocco’s sovereign rating from BBB- to BB +, citing the country’s economic contraction and growing budget deficit
- AFTER:HSBC set to work on possible IPO of Saudi freight company
– With the help of Manus Cranny, Yousef Gamal El-Din, Mohammad Tayseer and Dana Khraiche
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