Global equity markets closed on a negative note for a second consecutive week on the back of economic reports suggesting slowdown in global growth and uncertainty over trade disputes between the US and China.
Additionally, the rising threats of retaliatory tariffs have re-emerged during the week, resulting in downward pressure in global equities. Brent oil prices recorded a drop of 6.58% during the week on the back slowdown in demand and rising stockpiles in the US.
For the regional markets, the performance during the week was positive with five out of the eight indexes closing in green while the remaining three closing in red. The regional geopolitical environment continued to influence the trading activity across the region but the inflow of funds from MSCI inclusion supported the broader regional markets during the week. Abu Dhabi was the best performing index regionally with gains of 1.23%, followed by gains of 0.86% in Egypt, and 0.64% in Bahrain, followed by losses of 1.05% in Saudi Arabia.
Going forward, global markets will be tracking the second quarter GDP of US and consumer spending, which is expected to be announced later during the week. For the domestic markets, investors will continue to follow the developments in the regional geopolitical environment and accordingly position their portfolio ahead of a long Eid break in the following week.
About Allied Investment Partners PJSC
Established in 2007, Allied Investment Partners PJSC is licensed by Central Bank of the UAE and Securities and Commodities Authority, 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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© Press Release 2019