Israel Stocks Lead Losses in the Mideast Amid Lockdown Woes

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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 Thursdayapproved 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.

HIGHLIGHTS
  • MSCI Emerging Markets Index dropped 0.7% last week, the second consecutive weekly decline
  • EM REVIEW:Stocks Fall as U.S.-China Tensions Sap Risk Appetite
  • READ:Bahrain Joins UAE in Establishing Relations With Israel

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 Timesreported
    • Indexes in Dubai and Abu Dhabi fall 0.2% each as of 11:28am local time
    • STCshares up 0.1% to SAR99.30
    • Shares were sold to Kuwaiti investors for 100 filslast year

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