The year 2019 has started on a strong note after a challenging fourth quarter of 2018. The sentiments were boosted by corporate earnings, optimism over US-China trade talks and the formal pause of interest rate hikes by the Fed, which led to a positive close in the month of January across the global markets. Further, oil prices also witnessed a strong rebound as Brent surged by 16.6% during the month.
For the regional markets, the sentiments in global markets coupled with recovery in oil prices led to a positive close as all the indexes closed in green with the exception of Oman. Saudi Arabia was the best performer with gains of 9.4%, followed by 8.4% in Egypt, while Oman was the worst performer, down by 3.6% during the month of January.
Going forward, the regional markets should continue the positive momentum on the back of developments in global markets coupled with stability in oil prices. Additionally, corporate earnings will continue to dominate the movement in the regional markets during the next couple of weeks as investors will draw cues to accordingly position themselves in current market environment.
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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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