Mixed Performances in GCC Stock Markets Amid Geopolitical Tensions and Earnings
Date
2/27/2024 2:39:51 AM
(MENAFN- Your Mind media ) Please find today's market analysis on behalf of Daniel Takieddine, CEO MENA at BDSwiss. Please don't hesitate to get in touch if you require any further information.
The GCC stock markets were seeing mixed performances with traders reacting to company earnings on one side and geopolitical tensions on the other. The latter could continue to weigh on sentiment along with the volatility in energy markets.
The Saudi stock market continued to see some price corrections after three weeks of gains although it saw mostly positive performances in the banking sector. The market was weighed by some large stocks like SABIC Agri-Nutrients which saw a large drop in its net profit for 2023. However, Maaden’s stock price rose after earnings were better than expected despite a decline in both revenue and profits.
The Dubai stock market slid slightly today, continuing a string of days in the red although it remains on a positive trend overall. Key real estate stocks like Emaar Properties and Emaar Development showed gains, buoyed by a vibrant sector. Union Properties rose strongly after a significant land sale worth over 500 million dirhams as the company changes its focus.
The Abu Dhabi Stock Market continued to face declines, with the main index approaching last October's support level. Retreating oil prices and geopolitical tensions could continue to weigh on the market.
The Qatari stock market saw a positive performance today, continuing yesterday's rise and moving on a third week of gains. Market sentiment could benefit from Qatar’s plans to boost natural gas output, although a decrease in energy prices could weigh on the market. The stock market could continue to see gains but could find some resistance near levels seen during the first half of January.
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