|24 March, 2019

Regional markets expected to be influenced by sentiments seen in global market: Allied Investment Partners PJSC Market Report

Further, the US manufacturing sector Flash PMI was 52.5 in March, lower than Reuter's estimate of 53.6.

Global equity markets closed the week on a negative note, dragged by losses recorded on the last trading session, on the back of weaker than expected manufacturing data from the US, Japan and Europe. The factory activity across the Eurozone was depressed, especially the contraction seen in Germany during the month of March, which was the lowest reading since June 2013.

Further, the US manufacturing sector Flash PMI was 52.5 in March, lower than Reuter’s estimate of 53.6. The spread between three-month treasury bills and 10-year note yields inverted for the first time since 2007, a sign that long-term economic confidence is dwindling.

For the MENA markets, the performance during the week was positive with six out eight indexes closing in green, while the remaining closed in red. The UAE markets were the best performers regionally, with Dubai and Abu Dhabi closing higher by 2.1% and 2.6% respectively, followed by gains of 1.9% in Oman and 1.5% in Saudi Arabia, while Egypt was the worst performer with losses of 1.4%.

Going ahead, the sentiment seen in global markets towards the end of the week will influence the regional markets, however the domestic factors will limit the downside during the week. Any sell-off in regional equities will be an opportunity for investors to accumulate quality names with superior fundaments and potential to continue the growth trajectory.

Indexes

 

Last

WTD (%)

MTD (%)

YTD (%)

Dubai (DFMGI)

2,628.74

2.1%

-0.3%

3.9%

Abu Dhabi (ADSMI)

5,127.45

2.6%

-0.2%

4.3%

Saudi (SASEIDX)

8,708.66

1.5%

2.5%

11.3%

Kuwait (KWSE)

4,812.91

1.4%

0.8%

1.6%

Egypt (EGX30)

14,782.81

-1.4%

-0.1%

13.4%

Bahrain (BHSEIDX)

1,426.22

1.2%

1.0%

6.7%

Oman (MSM30)

4,152.70

1.9%

0.2%

-4.0%

Commodities

 

Value

WTD (%)

MTD (%)

YTD (%)

Gold (s/OZ)

1313.13

0.9%

0.0%

2.4%

Silver ($/Oz)

15.41

0.9%

-1.2%

-0.4%

WTI ($/bbl)

59.04

0.9%

3.2%

30.0%

Natural Gas

2.75

-1.5%

-2.1%

-6.4%

OPEC Oil ($/bl)

67.03

-0.2%

1.5%

24.6%

Copper ($/MT)

6516.5

1.1%

0.6%

8.0%

Aluminium ($/MT)

1936.46

1.7%

1.0%

5.1%

FX Rates           

Value

WTD (%)

MTD (%)

YTD (%)

USD/AED

3.6727

0.0%

0.0%

0.0%

USD/SAR

3.7499

0.0%

0.0%

0.0%

USD/EGP

17.22

-0.7%

-1.4%

-3.6%

USD/EUR

0.8838

0.1%

0.5%

1.4%

USD/JPY

109.91

-1.4%

-1.3%

0.3%

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.

For more information, please visit http://aipuae.com/

For media enquiries, please contact Matrix Public Relations

Krishika Mahesh: Krishika@matrixdubai.com

Or call: 04 34 30 888

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