Global equity markets are likely to remain volatile going forward

Allied Investment Partners PJSC Market Report

  

Global equity markets were marginally positive during the week, supported by economic surprises. However, investors appeared to be concerned about the resurgence in new COVID-19 cases and roll back in reopening measures, which are likely to have an impact on the pace of recovery observed during the past one month. Oil prices closed higher by 1.03% after an upward revision in its 2020 demand forecast by the International Energy Agency (IEA); however, gains were capped by the rising concern of resurgence in new cases.

For the MENA region, equity markets performed positively during the week, adding to the gains recorded in the previous week. For the week, 5 out of the 7 indexes closed in green, while Oman and Abu Dhabi closed in red with losses of 0.51% and 0.38%, respectively. Egypt was the best performing index in the region with gains of 1.79%, followed by 1.43% in Saudi Arabia, 1.00% in Dubai, 0.94% in Bahrain, and 0.33% in Kuwait.

Going forward, global equity markets are likely to remain volatile amid concerns of resurgence in new cases and the subsequent restrictions on business activity to curb the new cases. Investors will also closely monitor the upcoming second-quarter earnings, which should help in reassessing economic recovery during the quarter.

In the MENA region, investors will continue to remain cautiously optimistic about the upward revision in oil demand for 2020 as the rapidly evolving COVID-19 situation could potentially depress any upside in oil prices going forward. Moreover, the upcoming earnings season will also be an important indicator for the equity markets as it will help in gauging the recovery in economic activity post the reopening of regional economies.

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About Allied Investment Partners PJSC

Established in 2007, Allied Investment Partners PJSC is licensed by Securities and Commodities Authority, UAE and is a leading investment firm providing various services like Asset Management, Alternative Investments, Wealth Management, Securities and Custody Services, Corporate Finance and Investment Banking Advisory.

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