Global equity markets were mostly positive during the week, making a sharp retreat towards the end of the week. Markets on Friday were negatively influenced by unfavorable developments from the US and China trade developments and lack of clarity over US Fed’s monetary policy.
The news on US Fed and trade overshadowed the fairly positive news coming from companies and broader economy. Brent crude oil prices rose by 1.19% during the week, after industry data showed a larger than expected drop in US crude inventories.
For the regional markets, the performance during the week was negative with 5 out of the 8 indexes closing in red, while the remaining 3 closed in green. Kuwait was the worst performing index regionally with losses of 1.56%, followed by 1.22% in Saudi Arabia, while Oman was the best performing index regionally with gains of 3.27%.
Going forward, retaliatory tariffs by the US and China will continue to dominate the trading activity across the global markets. For the regional markets, the trading activity will be influenced by the trend in global markets due to lack of catalysts within the domestic markets.
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