Negative performance in the second week of March for six out of the eight major indices with Egypt increasing by a solid 4.4%
Weakness prevailed last week’s trading activities in the regional markets. The second week of March has witnessed a negative performance for six out of the eight major indices in the region with Egypt increasing by a solid 4.4% and Bahrain with a modest increase of 0.9%.
UAE markets were on the lead of the negative performers, with Abu Dhabi going down by 3% and Dubai by 1.8%. Qatar followed, ending the week lower by 2.6% while Saudi Arabia was down by 1.4%.
Over the week, the black gold went down by an aggressive 8.1% reaching a low of USD 51.37 pb on Friday, the sharp decline started on Tuesday when news about increasing Shale output is on the table and backed by other rumors over the weekend that OPEC won’t continue with the cuts to fight for its market share.
With the gloomy picture that last week ended with, regional markets are expected to trade lower this week with a more cautious attitude from investors who will also be waiting for the coming Fed’s meeting.