Global equity markets witnessed mixed performance during the week. The US economy is rebounding after a soft patch. The Fed has decided to keep rates unchanged and indicated no chances of either raising or cutting rates for the remainder of the year.
Eurozone equities were under pressure during the week on the back of disappointing corporate earnings and weakening economic activity. Brent crude oil prices declined by 1.80% during the week on the back of an increase in US stockpiles and fading of concerns over tightening supply.
For the regional markets, the performance during the week was mixed with 4 out of 8 indexes closing in green, while the remaining 4 closing in red. Egypt was the best performing index regionally with gains of 0.75%, followed by gains of 0.66% in Saudi Arabia and 0.62% in Oman. Abu Dhabi was the worst performing index with losses of 2.77%, followed by losses of 1.04% in Dubai and 0.53% in Bahrain.
Going forward, the bullish trend is likely to continue on the back of supportive macroeconomic conditions and higher oil prices. However, the trading activity within the region is expected to be subdued during the month of Ramadan due to lack of participation from retail investors. The institutional Investors will continue to closely follow the developments in the global markets and quarterly earnings from regional companies.
|Indexes||Last||WTD (%)||MTD (%)||YTD (%)|
|Abu Dhabi (ADSMI)||▼||5,242.59||-2.77%||-0.29%||6.66%|
|Commodities||Value||WTD (%)||MTD (%)||YTD (%)|
|OPEC Oil ($/bl)||▼||70.85||-1.80%||3.60%||31.69%|
|FX Rates||Value||WTD (%)||MTD (%)||YTD (%)|