Global markets continued the positive momentum on the back of growing optimism over a possible trade deal between the world’s two largest economies. However, latest economic indicators continue to point towards slowing global growth. Investors are hoping for a deal to be signed, which could be able to offset part of slowing economic activity.
Oil prices have rebounded strongly since the start of the year as WTI increased by 26.1% YTD to close at US$57.3 per barrel at the close of previous week. For the regional markets, the sentiments continue to remain positive with some pullback recorded in selected markets during the week.
For the UAE, both the indexes are being driven by renewed interest in the real estate sector after reporting upbeat earnings and announcing higher dividends. Elsewhere, investors have continued to remain focused on individual companies, which depicted strong earnings with potential to continue the performance going forward. For the week, Dubai was the best performer with gains of 4.0%, followed by 2.4% in Bahrain, while Oman was the worst performer with losses of 1.3%, followed by 0.9% in Saudi Arabia.
Going forward, the regional markets will look for cues from the international markets, especially the developments on the trade talks between the US and China. Further, stock specific buying will continue to remain a theme for the region, especially names that are likely to benefit from the ongoing recovery expected across the region.
Indexes |
| Last | WTD (%) | MTD (%) | YTD (%) |
Dubai (DFMGI) | ▲ | 2,633.69 | 4.0% | 2.6% | 4.1% |
Abu Dhabi (ADSMI) | ▲ | 5,098.12 | 1.2% | 1.1% | 3.7% |
Saudi (SASEIDX) | ▼ | 8,547.48 | -0.9% | -0.1% | 9.2% |
Kuwait (KWSE) | ▼ | 4,791.09 | -0.1% | -0.1% | 1.1% |
Egypt (EGX30) | ▲ | 15,146.71 | 1.1% | 7.2% | 16.2% |
Bahrain (BHSEIDX) | ▲ | 1,404.84 | 2.4% | 1.0% | 5.1% |
Oman (MSM30) | ▼ | 4,055.57 | -1.3% | -2.7% | -6.2% |
Commodities |
| Value | WTD (%) | MTD (%) | YTD (%) |
Gold (s/OZ) | ▲ | 1327.71 | 0.5% | 0.5% | 3.5% |
Silver ($/Oz) | ▲ | 15.92 | 0.9% | -0.9% | 2.8% |
WTI ($/bbl) | ▲ | 57.26 | 3.0% | 6.5% | 26.1% |
Natural Gas | ▲ | 2.72 | 3.5% | -3.4% | -7.6% |
OPEC Oil ($/bl) | ▲ | 67.12 | 1.3% | 8.5% | 24.8% |
Copper ($/MT) | ▲ | 6391.3 | 4.6% | 4.0% | 5.9% |
Aluminium ($/MT) | ▲ | 1904.49 | 2.7% | -0.4% | 3.3% |
FX Rates |
| Value | WTD (%) | MTD (%) | YTD (%) |
USD/AED | ▼ | 3.6726 | 0.0% | 0.0% | 0.0% |
USD/SAR | ▼ | 3.7499 | 0.0% | 0.0% | 0.0% |
USD/EGP | ▼ | 17.49 | 0.0% | -0.8% | -2.1% |
USD/EUR | ▼ | 0.8814 | -0.4% | 0.9% | 1.1% |
USD/JPY | ▲ | 110.68 | 0.2% | 1.7% | 1.0% |
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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