(MENAFN- Your Mind Media ) 15th April 2024
GCC stock markets recovered from an initial fall after traders reacted to the geopolitical developments in the region. Stocks could remain exposed to changes in geopolitical conditions although strong local fundamentals could continue to support performances.
The Saudi stock market was moving higher today, continuing its bullish performance. The market rebounded after an initial fall yesterday as traders reacted to the geopolitical developments of the weekend. The Saudi stock market could continue to rise, supported by robust economic fundamentals, but could remain exposed to the volatility in oil markets and geopolitical risks.
The Dubai stock market fell as the trading session started but recovered to a certain extent throughout the day as traders gauged geopolitical conditions. Both the financial and real estate sectors were under some pressure, with leading stocks such as Emaar Properties and Emirates NBD in the red. The Dubai stock market remained near its trading levels for the last few weeks and could continue to see some downside risks.
Abu Dhabi's stock market was higher today, rebounding from the initial fall today as traders readjusted their expectations. While it remains near this year’s lows, the Abu Dhabi market could benefit from stronger oil prices.
The Qatari stock market was also higher today, continuing to recover from yesterday’s fall, although it recorded mixed performances in the banking sector. The market could find some resistance near current levels and could remain exposed to new price corrections.
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