• Asian shares close higher
  • Abu Dhabi’s index adds 0.3 percent pushed by banks
  • Oil prices edge higher
  • Dollar, gold hold firm

Global markets

Asian shares closed higher in Monday trading following last week’s sell-off in global equities. However, disappointing earnings results weighed on Chinese shares.

MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.3 percent after rising just over 0.5 percent earlier in the day. China’s blue-chip index tumbled 2.5 percent.

“Sentiment is going to continue to dominate market direction in the short term,” Nick Twidale of Rakuten Securities Australia in Sydney, told Reuters.

“Earnings season continues...and political tensions in the United States, Italy, Germany and the UK will continue to add to volatility in their respective markets as well as contributing to overall global flows,” Twidale added.

On Wall Street on Friday, the Dow Jones Industrial Average fell 296.24 points, or 1.19 percent, to 24,688.31, the S&P 500 lost 46.88 points, or 1.73 percent, to 2,658.69 and the Nasdaq Composite dropped 151.12 points, or 2.07 percent, to 7,167.21.

Middle East markets

Saudi Arabia’s stock market dropped 0.4 percent, after closing Thursday’s trading 4.3 percent higher.

Blue chip Saudi Basic Industries Co. (SABIC) closed down 1.9 percent after reporting a 5.4 percent rise in third quarter net product, which was slightly above analysts forecasts.

Riyad Bank fell 2.6 percent and National Commercial Bank (NCB) lost 1.2 percent.

Abu Dhabi’s index added 0.3 percent, pushed higher by banking shares. First Abu Dhabi Bank (FAB) rose 0.6 percent and Abu Dhabi Commercial Bank (ADCB) added 0.8 percent. Developer Aldar Properties closed 1.2 percent higher.

Dubai's main index fell 0.4 percent, weighed down by real estate and banking shares.

Emaar Properties fell 2.0 percent and DAMAC Properties lost 1.5 percent. Dubai Islamic Bank ended 0.4 percent lower.

Qatar's main index closed down 0.1 percent with Commercial Bank falling 3.7 percent on profit taking and maritime company Qatar Navigation losing 2.7 percent. Blue chip Industries Qatar gained 1.0 percent.

Egypt’s index dropped 0.3 percent, Kuwait’s index fell 0.2 percent, while Oman’s index was flat and Bahrain’s index rose 0.3 percent.

Oil prices

Oil prices edged higher on Monday as Asian shares rebounded.

Front-month Brent crude oil futures were at $77.63 a barrel at 0221 GMT, 1 cent above their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $67.65 a barrel, up 6 cents from their last settlement.

Currencies

The dollar index, which measures the greenback against a basket of six major currencies held firm on Monday as data showed that the U.S. economic growth slowed less than expected.

“The development in the U.S. equity market is the main focus in the foreign exchange market,” Masafumi Yamamoto, chief currency strategist at Mizuho Securities, told Reuters.

Precious metals

Gold prices held firm early on Monday as equities rebounded.

Spot gold was barely changed at 1,233.46 an ounce.

(Writing by Gerard Aoun; Editing by Mily Chakrabarty)

(gerard.aoun@thomsonreuters.com)


Gain a deeper understanding of financial markets through Thomson Reuters Eikon.

Our Standards: The Thomson Reuters Trust Principles

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2018