Global equity markets closed on a positive note during the week as sign of constructive development on the US-China trade front coupled with upbeat earnings announcement by a slew of US IT companies fuelled optimism. Market gains were however capped by the uncertainty over Brexit.
The market movement suggests that the IMF’s last week projections of synchronized slowdown did little to dent the optimism, indicating that investors are looking for immediate trigger in forms of ease in trade tension and easing policy rates. Brent crude oil prices were up by 4.38% during the week, mainly on the back of falling stockpile and ease in trade tension.
For the regional markets, the performance during the week was positive with 5 out of the 8 indexes closing in green, while 3 closed in red. Saudi Arabia was the best performing index regionally with gains of 3.63%, followed by Abu Dhabi with gains of 1.37%.
Going forward, investors will turn their focus on the upcoming US Fed meeting to get cues on the direction of interest rate trajectory, while earnings announcement will continue to influence trading activities. For the regional markets, the positive global sentiment along with strengthening of oil prices should support trading activity.
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© Press Release 2019