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Market comment on behalf of Hani Abuagla Senior Market Analyst at XTB MENA
(MENAFN- Your Mind Media ) 2th August 2024
GCC stock markets saw mixed performances today as traders remain cautious after last week’s selloff and recovery. Concerns about the state of the US economy, geopolitical tensions, and the volatility in the oil market could continue to drive sentiment and stocks’ directions.
The Dubai stock market could see a continuation in its rebound supported by earnings results. Parkin’s positive results continue to show the strength of the local economy and the potential for growth for other listed companies.
The Abu Dhabi stock market could come under pressure if traders move to secure their gains after the rebound. At the same time, a recovery in oil prices could support the market along with strong company earnings like ADNOC Gas.
The Saudi stock market continued to trade sideways after a rebound. However, the market could remain exposed to the downside if US recession fears return. A stronger rebound in oil prices could drive the stock market to the upside.
The Qatari stock market remained relatively flat and continued to trade sideways for a fourth trading session. While the market could remain exposed to the downside, a rebound in energy prices could support sentiment.
GCC stock markets saw mixed performances today as traders remain cautious after last week’s selloff and recovery. Concerns about the state of the US economy, geopolitical tensions, and the volatility in the oil market could continue to drive sentiment and stocks’ directions.
The Dubai stock market could see a continuation in its rebound supported by earnings results. Parkin’s positive results continue to show the strength of the local economy and the potential for growth for other listed companies.
The Abu Dhabi stock market could come under pressure if traders move to secure their gains after the rebound. At the same time, a recovery in oil prices could support the market along with strong company earnings like ADNOC Gas.
The Saudi stock market continued to trade sideways after a rebound. However, the market could remain exposed to the downside if US recession fears return. A stronger rebound in oil prices could drive the stock market to the upside.
The Qatari stock market remained relatively flat and continued to trade sideways for a fourth trading session. While the market could remain exposed to the downside, a rebound in energy prices could support sentiment.
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