Global markets continued the positive momentum during the week as investors focused on upbeat economic data and US Fed seems to be in no rush to tighten monetary policy. However the markets ignored the US shutdown, which seems to be without any resolution for now.
All the eight indexes under coverage closed on a positive note, which were supported sentiments in global markets coupled with oil prices rising again above US$ 60 per barrel. On the positive side, Saudi Arabia was the best performer within the regional pack with gains of +4.8%, followed by +1.3% in Abu Dhabi and +1.2% in Bahrain. Kuwait was the underperformer within the region as the index recorded marginal gains of 0.4% during the week.
Going forward, regional markets might remain in range bound as they will closely follow the annual earnings, especially from leading companies to access the economic environment of the region. Further, the movement in oil prices will also have an impact on investor sentiments, which will provide direction to the regional markets during the 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