Today's markets analysis on behalf of George Khoury Global Head of Education and Research at CFI
Date
7/21/2024 4:55:14 AM
(MENAFN- Your Mind media ) 19th July 2024
The UAE stock markets were higher today, continuing to gain and ending the week on a positive note. The Dubai stock market led with substantial gains, while Abu Dhabi also saw modest increases. This boost was primarily due to strong Q2 earnings results this week, especially from the banking sector, which significantly improved market sentiment. Oil prices are stabilizing, and future movements will likely impact the performance of the Abu Dhabi stock market.
The Saudi stock market ended its weekly performance with strong gains, buoyed by potentially robust Q2 earnings and the possibility of a Federal Reserve rate cut in September. Next week is expected to be filled with important releases. In contrast, the Qatari stock market experienced losses this week after a prolonged period of strong gains, as investors were disappointed by the ongoing earnings releases, particularly from the banking sector. However, upcoming earnings could reverse this trend.
The Egyptian stock market was also slightly higher this week after volatile trading. The Egyptian Central Bank kept interest rates at an all-time high for a second consecutive meeting.
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