Feb 22 2021, 1:15 AM
February 21 2021, 2:19 PM
February 22 2021, 1:15 AM
(Bloomberg)
(Bloomberg)
Middle East equities rose as optimism surrounding the acceleration in global coronavirus vaccinations outweighed a rise in U.S. yields that may signal the return of inflation.
Israelâs TA-35 climbed as much as 1.2%, while benchmark stock indexes in Saudi Arabia, Bahrain, Abu Dhabi and Egypt also made gains.
âWe 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,â said Divye Arora, money manager at Daman Investments Psc in Dubai. âHowever, we are also watchful of the pace of increase of 10-year US treasury yields.â