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Today's markets analysis on behalf of Joseph Dahrieh, Managing Principal at Tickmill
(MENAFN- Your Mind Media ) 6th August 2024
The GCC stock markets rebounded today along their global equivalents, attempting to recover from yesterday's decline, although geopolitical risks may still impact sentiment.
The Saudi stock market saw higher activity today, experiencing significant volatility after prices reached support levels from June. Aramco's results indicated a slowdown in profits for the second half and the second quarter, yet the results were better than expected, which led the stock higher, positively impacting the energy sector.
Similar performances were experienced in the UAE markets, with both Abu Dhabi and Dubai rebounding today. Adnoc Drilling reported a 28% increase in profits for the first half, contributing to the market’s rebound.
The Qatari stock market was nearly flat today after experiencing significant volatility yesterday.
The Egyptian stock market performed positively today after three consecutive negative sessions. However, the rebound could be limited as geopolitical risks could still weigh on the market.
The GCC stock markets rebounded today along their global equivalents, attempting to recover from yesterday's decline, although geopolitical risks may still impact sentiment.
The Saudi stock market saw higher activity today, experiencing significant volatility after prices reached support levels from June. Aramco's results indicated a slowdown in profits for the second half and the second quarter, yet the results were better than expected, which led the stock higher, positively impacting the energy sector.
Similar performances were experienced in the UAE markets, with both Abu Dhabi and Dubai rebounding today. Adnoc Drilling reported a 28% increase in profits for the first half, contributing to the market’s rebound.
The Qatari stock market was nearly flat today after experiencing significant volatility yesterday.
The Egyptian stock market performed positively today after three consecutive negative sessions. However, the rebound could be limited as geopolitical risks could still weigh on the market.
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