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Market comment on behalf of Hani Abuagla Senior Market Analyst at XTB MENA
(MENAFN- Your Mind media ) 20th August 2024
The Saudi stock market was higher today, marking its sixth consecutive session of gains and nearing the 12100 points resistance level. The positive sentiment towards equities is influenced by the potential Fed rate cut next month, while a possible dovish comment by Jerome Powell this week could also bolster sentiment, impacting the Saudi market. However, the continuous decline in oil prices could limit the actual bullish trend.
The UAE stock markets were relatively flat today, with both markets experiencing mixed performances across leading stocks and sectors. Persistently low oil prices may negatively impact the Abu Dhabi stock market.
The Qatari stock market saw some volatility while it continued to rebound, but could find some resistance near its previous peaks.
The Egyptian stock market saw gains today, with most sectors performing well as positive sentiment dominated the market.
The Saudi stock market was higher today, marking its sixth consecutive session of gains and nearing the 12100 points resistance level. The positive sentiment towards equities is influenced by the potential Fed rate cut next month, while a possible dovish comment by Jerome Powell this week could also bolster sentiment, impacting the Saudi market. However, the continuous decline in oil prices could limit the actual bullish trend.
The UAE stock markets were relatively flat today, with both markets experiencing mixed performances across leading stocks and sectors. Persistently low oil prices may negatively impact the Abu Dhabi stock market.
The Qatari stock market saw some volatility while it continued to rebound, but could find some resistance near its previous peaks.
The Egyptian stock market saw gains today, with most sectors performing well as positive sentiment dominated the market.
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