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Today's markets analysis on behalf of Joseph Dahrieh, Managing Principal at Tickmill
(MENAFN- Your Mind Media ) 28th October 2024
The Saudi stock market experienced slight volatility today, following yesterday's surge, which was driven by the ongoing positive earnings results for Q3 and the easing of geopolitical tensions in the region. These tensions had weighed on the market over the past two weeks. However, today's movement was impacted by the large decline in oil prices, a result of easing geopolitical tensions. However, the market could continue to see upside potential, supported by strong Q3 earnings.
In the UAE, both markets started the week on a strong note, with significant gains today, similar to the regional markets' performance yesterday. Easing geopolitical tensions and robust Q3 earnings results boosted market sentiment. The Dubai stock market reached a new high for the year, surpassing its end-of-September level, with the real estate sector leading gains. The market is likely to continue its bullish trend, driven by healthy Q3 results, solid economic fundamentals, and growth projections. The Abu Dhabi stock market also saw substantial gains today, although oil prices may weigh on market performance and sentiment later on.
In contrast, the Qatari stock market experienced a negative performance today, following yesterday's strong gains, as some investors took profits amidst persisting uncertainty, particularly with the decline in energy markets today. Nevertheless, the market still has the potential to continue its upward trend, driven by solid Q3 results.
The Egyptian stock market was volatile today, as it attempted to continue its recovery. However, the market remains vulnerable to the latest developments between the government and the International Monetary Fund (IMF) regarding the 4th review of the reform program, which is impacting market sentiment, particularly among foreign investors.
The Saudi stock market experienced slight volatility today, following yesterday's surge, which was driven by the ongoing positive earnings results for Q3 and the easing of geopolitical tensions in the region. These tensions had weighed on the market over the past two weeks. However, today's movement was impacted by the large decline in oil prices, a result of easing geopolitical tensions. However, the market could continue to see upside potential, supported by strong Q3 earnings.
In the UAE, both markets started the week on a strong note, with significant gains today, similar to the regional markets' performance yesterday. Easing geopolitical tensions and robust Q3 earnings results boosted market sentiment. The Dubai stock market reached a new high for the year, surpassing its end-of-September level, with the real estate sector leading gains. The market is likely to continue its bullish trend, driven by healthy Q3 results, solid economic fundamentals, and growth projections. The Abu Dhabi stock market also saw substantial gains today, although oil prices may weigh on market performance and sentiment later on.
In contrast, the Qatari stock market experienced a negative performance today, following yesterday's strong gains, as some investors took profits amidst persisting uncertainty, particularly with the decline in energy markets today. Nevertheless, the market still has the potential to continue its upward trend, driven by solid Q3 results.
The Egyptian stock market was volatile today, as it attempted to continue its recovery. However, the market remains vulnerable to the latest developments between the government and the International Monetary Fund (IMF) regarding the 4th review of the reform program, which is impacting market sentiment, particularly among foreign investors.
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