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Today's markets analysis on behalf of Mazen Salhab Chief Market Strategist MENA in BDSwiss
(MENAFN- Your Mind Media ) 29th August 2024
The GCC stock markets have maintained their trend from yesterday, with profit-taking continuing as the month draws to a close. Ongoing geopolitical tensions and declining oil prices have negatively impacted market sentiment throughout the week. Additionally, upcoming economic data from the US, which could affect the Federal Reserve's decision on interest rate cuts next month, is contributing to a cautious market atmosphere.
The Saudi stock market has experienced a decline for the fourth consecutive session. This downturn is part of a market correction that began after the index reached 12,300 points earlier in the week, prompting profit-taking. Similarly, the Abu Dhabi stock market has followed a comparable path, declining after hitting the 9,400 target. Despite this, there is positive news for the Abu Dhabi market, as NMDC Energy plans to offer 23% of its shares in an IPO, listing 1.15 billion shares starting August 30, 2024. On a weekly basis, both markets have shown negative performance, further pressured by falling oil prices. Additionally, the MSCI has implemented changes to Saudi market indices, affecting stock listings and classifications, which in turn impacts global index managers' portfolios and trading activities.
The Dubai stock market experienced volatility today following a decline yesterday due to profit-taking after the main index reached 4,360 points. However, on a weekly basis, the market is ending on a positive note. The market is supported by strong fundamentals, and any improvement in regional market sentiment could further boost its performance. In new developments, Talabat, a food delivery platform, has announced plans for an initial public offering on the Dubai Financial Market in the fourth quarter of 2024. This will increase the number of IPOs in Dubai this year, positively impacting liquidity, market capitalization, and diversity.
The Qatari stock market also faced volatility after two days of losses, struggling to find direction. Starting September 1, the Qatar Stock Exchange will modify market maker and liquidity provider mechanisms to prioritize individual and institutional orders over those from brokerage firms. These changes aim to improve fairness and efficiency, potentially boosting investor confidence.
The GCC stock markets have maintained their trend from yesterday, with profit-taking continuing as the month draws to a close. Ongoing geopolitical tensions and declining oil prices have negatively impacted market sentiment throughout the week. Additionally, upcoming economic data from the US, which could affect the Federal Reserve's decision on interest rate cuts next month, is contributing to a cautious market atmosphere.
The Saudi stock market has experienced a decline for the fourth consecutive session. This downturn is part of a market correction that began after the index reached 12,300 points earlier in the week, prompting profit-taking. Similarly, the Abu Dhabi stock market has followed a comparable path, declining after hitting the 9,400 target. Despite this, there is positive news for the Abu Dhabi market, as NMDC Energy plans to offer 23% of its shares in an IPO, listing 1.15 billion shares starting August 30, 2024. On a weekly basis, both markets have shown negative performance, further pressured by falling oil prices. Additionally, the MSCI has implemented changes to Saudi market indices, affecting stock listings and classifications, which in turn impacts global index managers' portfolios and trading activities.
The Dubai stock market experienced volatility today following a decline yesterday due to profit-taking after the main index reached 4,360 points. However, on a weekly basis, the market is ending on a positive note. The market is supported by strong fundamentals, and any improvement in regional market sentiment could further boost its performance. In new developments, Talabat, a food delivery platform, has announced plans for an initial public offering on the Dubai Financial Market in the fourth quarter of 2024. This will increase the number of IPOs in Dubai this year, positively impacting liquidity, market capitalization, and diversity.
The Qatari stock market also faced volatility after two days of losses, struggling to find direction. Starting September 1, the Qatar Stock Exchange will modify market maker and liquidity provider mechanisms to prioritize individual and institutional orders over those from brokerage firms. These changes aim to improve fairness and efficiency, potentially boosting investor confidence.
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