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Today market analysis on behalf of Milad Azar Market Analyst at XTB MENA
(MENAFN- Your Mind Media ) 7th August 2024
The GCC stock markets continued their rebound today from the significant drop earlier in the week, reflecting a global recovery as market sentiment improves and fears subside, although geopolitical risks still persistent.
The Saudi stock market saw another positive performance today, with several companies announcing their results. Although the results were mixed, Saudi Aramco’s acquisition of shares in Petro Rabigh led to a 10% increase in Petro Rabigh's shares, driving the energy sector higher for the second consecutive day.
Similarly, the UAE stock markets also experienced strong gains today. Abu Dhabi, in particular, was boosted by positive earnings releases from Adnoc Logistics & Services. While Dubai continue being led by the real estate sector.
The Qatari stock market also closed higher, although the market remains within its price range.
The Egyptian stock market similarly enjoyed another positive session as market sentiment improved. However, risks are still present due to geopolitical tensions in the region.
The GCC stock markets continued their rebound today from the significant drop earlier in the week, reflecting a global recovery as market sentiment improves and fears subside, although geopolitical risks still persistent.
The Saudi stock market saw another positive performance today, with several companies announcing their results. Although the results were mixed, Saudi Aramco’s acquisition of shares in Petro Rabigh led to a 10% increase in Petro Rabigh's shares, driving the energy sector higher for the second consecutive day.
Similarly, the UAE stock markets also experienced strong gains today. Abu Dhabi, in particular, was boosted by positive earnings releases from Adnoc Logistics & Services. While Dubai continue being led by the real estate sector.
The Qatari stock market also closed higher, although the market remains within its price range.
The Egyptian stock market similarly enjoyed another positive session as market sentiment improved. However, risks are still present due to geopolitical tensions in the region.
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