Middle East stocks were mixed as traders weighed an acceleration in global coronavirus vaccinations against a rise in U.S. yields that may signal the return of inflation.
Israel’s TA-35 climbed as much as 1%, while benchmark stock indexes in Saudi Arabia, Bahrain and Egypt also made gains.
“We see higher inflation expectation as positive for the cyclical parts of emerging markets, such as the MENA region, especially when these expectations are driven by a rebound in the global economic growth which should propel earnings growth,” said Divye Arora, money manager at Daman Investments Psc. “However, we are also watchful of the pace of increase of 10-year US treasury yields.”
In another boost to risk sentiment, global vaccinations reached more than 202 million just over two months after the first shots were injected, according to the Bloomberg Vaccine Tracker.
MIDDLE EASTERN MARKETS:
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