Index heavyweights expected to see buying interest from foreign investors

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Global markets closed higher during the previous week on the back of optimism over next week’s Brexit vote and possible trade talks between the US and China. However, the market brushed aside negative economic indicators, reinforcing a widely expected global slowdown by economists in 2019. Brent Oil surged by 4.4% during the week on the back of OPEC led supply cuts coupled with hopes that the US and China would reach a deal to end the trade tensions.

For the regional markets, the strong buying interest towards the end of the week changed direction into positive territory. Abu Dhabi was the best performer during the week with gains of 1.7%, while Oman and Dubai were the worst performers with losses of 0.9% and 0.8% respectively.

Going forward, valuations will play out across the regional markets as investors will access individual stocks post the dividend pay-outs to accumulate quality stocks. Additionally, index heavyweights will continue to see buying interest from foreign investors.

Indexes   Last WTD (%) MTD (%) YTD (%)
Dubai (DFMGI) 2,574.21 -0.8% -2.3% 1.8%
Abu Dhabi (ADSMI) 4,997.56 1.7% -2.7% 1.7%
Saudi (SASEIDX) 8,582.88 1.2% 1.1% 9.7%
Kuwait (KWSE) 4,744.59 -0.6% -0.6% 0.1%
Egypt (EGX30) 14,991.34 0.6% 1.3% 15.0%
Bahrain (BHSEIDX) 1,409.06 0.0% -0.3% 5.4%
Oman (MSM30) 4,074.98 -0.9% -1.7% -5.8%
Commodities   Value WTD (%) MTD (%) YTD (%)
Gold (s/OZ) 1301.13 0.2% -0.9% 1.4%
Silver ($/Oz) 15.28 -0.2% -2.1% -1.3%
WTI ($/bbl) 58.52 4.4% 2.3% 28.9%
Natural Gas 2.8 -2.4% -0.6% -4.9%
OPEC Oil ($/bl) 67.16 2.2% 1.7% 24.8%
Copper ($/MT) 6446.46 0.3% -0.5% 6.8%
Aluminium ($/MT) 1905 2.5% -0.7% 3.4%
FX Rates   Value WTD (%) MTD (%) YTD (%)
USD/AED 3.6728 0.0% 0.0% 0.0%
USD/SAR 3.7499 0.0% 0.0% 0.0%
USD/EGP 17.35 -0.2% -0.6% -2.9%
USD/EUR 0.8829 -0.7% 0.4% 1.3%
USD/JPY 111.45 0.3% 0.1% 1.7%

About Allied Investment Partners PJSC

Established in 2007, Allied Investment Partners PJSC is licensed by Central Bank of the UAE and Securities and Commodities Authority, and is a leading investment firm providing various services like Asset Management, Alternative Investments, Wealth Management, Securities and Custody Services, Corporate Finance and Investment Banking Advisory.

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