Today market analysis on behalf of Hani Abuagla Senior Market Analyst at XTB MENA
Date
7/16/2024 8:50:14 AM
(MENAFN- Your Mind media ) 16th July 2024
The Saudi stock market experienced another positive session, making new gains and building solid momentum. Optimism towards Q2 earnings releases and a slowdown in inflation, which has reached 1.5%, have helped boost sentiment today.
Stock markets in the UAE saw some volatility. The Dubai stock market is approaching the 4,130-point level, around which the market revolved in May, where it could find some resistance. Shuaa Capital stock made a significant comeback, gaining more than 14% after it resumed trading despite previous continuous financial losses.
Meanwhile, Abu Dhabi's stock market was relatively stable. The Q1 growth rate in Abu Dhabi was 3.3%, driven by the positive performance of non-oil economic activities, which contributed 54.1% to the economy. This indicates a healthy economic performance and a positive outlook for the stock market this year.
Additionally, expectations of a potential rate cut by the Federal Reserve in September, which the market has fully priced in, could support sentiment.
The Qatari stock market remained close to flat today, continuing to face resistance at mid-March levels. Dukhan Bank reported a 3% increase in Q2 profits and declared its dividends. However, this was not sufficient to boost investor optimism, leading to a mixed performance in the banking sector.
The Egyptian stock market experienced slightly volatile movements today. The market remains exposed to potential losses.
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