Global equity markets closed the week lower as investors were worried about the coronavirus outbreak in China and its impact on the broader economy. The impact of the virus is not clear as the story is still developing but investors are taking a more prudent approach in light of strong performance recorded since the beginning of 2020. Brent crude oil reported its worst weekly performance of 2020 as it was down 6.41% during the week on the back of rising concerns of coronavirus impacting the demand for fuel, going forward.

Regional markets witnessed a positive performance during the week despite the downward pressure recorded in global markets. For the region, 5 out of the 8 indexes closed in green while 3 closed in red. Abu Dhabi was the best performing index regionally as it was up 1.27%, followed by 0.83% in Bahrain; while Saudi Arabia was the worst performer with losses of 0.87%, followed by 0.69% in Egypt.

Going forward, sentiments might continue to remain weak as investors will wait for more developments to emerge to gauge the real impact of the coronavirus disease outbreak on the broader economies. Although similar events in the past have not had a significant impact on economic or equity performance, investors are turning prudent post the recent upsurge in equity markets.

For the regional markets, the developments in the global markets will continue to influence the trading activity but sentiments will largely be dominated by Q4 2019 earnings announcements during the week.

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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.

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

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