Today’s market analysis on behalf of Daniel Takieddine, CEO of MENA BDSwiss.
GCC stock markets were mostly decreasing following other international markets as investors’ concerns about inflation and growth increased.
Oil prices returned briefly to the upside after sliding yesterday before plunging again. Prices were pushed up by the decrease in crude inventories as shown by the US Energy Information Administration.
However, concerns about supply levels are retreating, adding downward pressure.
The Dubai stock market returned to the decrease after a small rebound as investors continue to secure their gains. The market has recorded significant increases in the last few months and could see additional price corrections along with other international markets.
The Abu Dhabi stock market continued to recover thanks to the strong oil prices and could reach its peak. The market is also seeing support from the announced IPO of ADNOC’s subsidiary, which could be one of the largest this year.
The Qatari stock market moved into the negative territory following a decrease in natural gas prices. The commodity is seeing fewer concerns over supplies as European countries move to replenish their reserves.
The Saudi stock market continues to record important price contractions as investors become even more concerned about inflation and as oil prices retreat.
The Egyptian stock market returned to the negative side after a short rebound as investors’ sentiment continues to shift. International investors remain concerned about inflation levels and slowing growth.