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Market comment on behalf of Hani Abuagla Senior Market Analyst at XTB MENA
(MENAFN- Your Mind Media ) 26th August 2024
The Saudi stock market experienced volatility today after nine consecutive sessions of gains. After its strong rebound, the market could see some profit taking. However, it could benefit from the current optimism fueled by expectations of a Federal Reserve rate cut next month, following a dovish speech by Powell. At the same time, geopolitical risks in the region continue to pose challenges, affecting investor risk appetite.
The Abu Dhabi stock market saw a decline today, influenced by similar factors affecting Saudi Arabia. The market touched the 9,400-point resistance level, prompting some profit-taking. Despite this, the rebound in oil prices due to geopolitical tensions could provide support.
The Dubai stock market was on the rise, attempting to surpass the late July levels and aiming for the year's high from early March. The market's growth was driven by the financial and real estate sectors, with most major stocks performing well. If geopolitical risks do not escalate, Dubai has the potential to reach its next target.
The Qatari stock market experienced a significant jump today following the announcement of a new 15-year liquefied natural gas (LNG) sales agreement with Kuwait. This news triggered a broad upward movement across all stocks in the market. Despite this positive development, the market still requires further advances to clearly define its next direction, following a recent period of uncertainty. The LNG deal could provide a long-term boost to Qatar's energy sector and overall economy, potentially influencing investor sentiment in the coming weeks.
The Egyptian stock market faced a downturn as geopolitical developments weighed on sentiment. While the economy's fundamentals remain stable, allowing for potential market advances, geopolitical risks remain an obstacle.
The Saudi stock market experienced volatility today after nine consecutive sessions of gains. After its strong rebound, the market could see some profit taking. However, it could benefit from the current optimism fueled by expectations of a Federal Reserve rate cut next month, following a dovish speech by Powell. At the same time, geopolitical risks in the region continue to pose challenges, affecting investor risk appetite.
The Abu Dhabi stock market saw a decline today, influenced by similar factors affecting Saudi Arabia. The market touched the 9,400-point resistance level, prompting some profit-taking. Despite this, the rebound in oil prices due to geopolitical tensions could provide support.
The Dubai stock market was on the rise, attempting to surpass the late July levels and aiming for the year's high from early March. The market's growth was driven by the financial and real estate sectors, with most major stocks performing well. If geopolitical risks do not escalate, Dubai has the potential to reach its next target.
The Qatari stock market experienced a significant jump today following the announcement of a new 15-year liquefied natural gas (LNG) sales agreement with Kuwait. This news triggered a broad upward movement across all stocks in the market. Despite this positive development, the market still requires further advances to clearly define its next direction, following a recent period of uncertainty. The LNG deal could provide a long-term boost to Qatar's energy sector and overall economy, potentially influencing investor sentiment in the coming weeks.
The Egyptian stock market faced a downturn as geopolitical developments weighed on sentiment. While the economy's fundamentals remain stable, allowing for potential market advances, geopolitical risks remain an obstacle.
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