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Today's markets analysis on behalf of Joseph Dahrieh, Managing Principal at Tickmill
(MENAFN- Your Mind Media ) 28th August 2024
Today, the GCC stock markets mostly experienced declines, driven by accelerated profit-taking and concerns over potential geopolitical escalations in the region. These factors, combined with falling oil prices, contributed to a further deterioration in market sentiment. Additionally, investors are exercising caution ahead of a key US inflation report this week, which could provide insights into the size of a September rate cut.
In Saudi Arabia, the stock market declined for the third consecutive session this week as profit-taking persisted following recent gains after the Q2 earnings season. The banking sector led the losses, heavily impacting overall market performance. Similarly, the Abu Dhabi stock market continued its decline for the third trading day. With geopolitical concerns and lower oil prices weighing on the performance of both markets.
The Dubai stock market exhibited volatility, reaching 4,360 points before some profit-taking occurred. While market sentiment remains fragile, the underlying economy and market fundamentals are solid, which may mitigate further declines.
The Qatari stock market followed the regional trend, experiencing a decline for the second day and erasing some of the gains made earlier in the week.
The Egyptian stock market continued its strong performance, buoyed by the announcement of a new oil discovery in the Western Desert. This discovery, along with the potential for future finds, aligns with the government's efforts to attract private sector investment for increased exploration and exploitation of natural gas and crude oil resources. These developments could have a positive impact on economic performance and help mitigate the risk of energy crises, similar to the one experienced earlier this year that disrupted business activities. Collectively, these factors contribute to a more optimistic market sentiment, further supporting the market's upward trajectory.
Today, the GCC stock markets mostly experienced declines, driven by accelerated profit-taking and concerns over potential geopolitical escalations in the region. These factors, combined with falling oil prices, contributed to a further deterioration in market sentiment. Additionally, investors are exercising caution ahead of a key US inflation report this week, which could provide insights into the size of a September rate cut.
In Saudi Arabia, the stock market declined for the third consecutive session this week as profit-taking persisted following recent gains after the Q2 earnings season. The banking sector led the losses, heavily impacting overall market performance. Similarly, the Abu Dhabi stock market continued its decline for the third trading day. With geopolitical concerns and lower oil prices weighing on the performance of both markets.
The Dubai stock market exhibited volatility, reaching 4,360 points before some profit-taking occurred. While market sentiment remains fragile, the underlying economy and market fundamentals are solid, which may mitigate further declines.
The Qatari stock market followed the regional trend, experiencing a decline for the second day and erasing some of the gains made earlier in the week.
The Egyptian stock market continued its strong performance, buoyed by the announcement of a new oil discovery in the Western Desert. This discovery, along with the potential for future finds, aligns with the government's efforts to attract private sector investment for increased exploration and exploitation of natural gas and crude oil resources. These developments could have a positive impact on economic performance and help mitigate the risk of energy crises, similar to the one experienced earlier this year that disrupted business activities. Collectively, these factors contribute to a more optimistic market sentiment, further supporting the market's upward trajectory.
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