(MENAFN- Your Mind Media ) 1st May 2024
GCC stock markets were trending downward today as traders remain cautious ahead of the Federal Reserve interest rate decision and declining energy prices.
The Saudi stock market experienced volatility, mirroring its performance from yesterday with caution taking hold ahead of the Fed decision. The contraction in Saudi GDP by 1.8% in the first quarter of 2024 could remain a weight on sentiment although it eased compared to the 4.3% decline in the previous quarter. The energy sector is facing challenges due to falling oil prices. The Saudi stock market could remain exposed to the downside under current conditions.
The Dubai stock market also faced a downturn today, continuing its recent decline. The market remains exposed to price corrections. However, earnings results could potentially facilitate a rebound.
The Abu Dhabi stock market was negative today, affected by the general negative sentiment in the region and today's lower oil prices. Despite the negative trends, some positive earnings reports have emerged, such as First Abu Dhabi Bank announcing a 6% increase in its profits for the first quarter.
Similarly, the Qatari stock market closed in the red today, with several leading stocks performing negatively, further impacted by the downturn in energy prices.
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