05 June 2017
With Ramadan in its second week, the Mena markets had a mixed performance with Egypt being the star, Al Masah Capital said in a report.
The Egyptian market managed to end the week up by 2.8%, reaching a recent high of 13,467 points after the president ratified the new investment law. Kuwait came in second in the win column, up by 1.9% over the week, maintaining its YTD returns of 18.5%. Bahrain, Dubai and Oman followed with small gains, ending the week up 0.8%, 0.7% and 0.6% respectively.
On the losing side, Qatar came in first, losing 1.2% over the week, followed by Abu Dhabi and Saudi Arabia each by 0.8% and 0.1% respectively.
“With oil struggling to reach the $50 and Ramadan in full swing, markets are expected to stay in a tight trading range unless positive economic or specific company news occurs and changes the current scenario,” Al Masah Capital said.
According to Al Masah Capital, the US markets had a positive close last week, with Dow, Nasdaq and S&P500 reaching their all-time highs, ignoring a recent job report that came below expectations.
Oil on the other hand, ended the week on a negative note, again below the $50 mark on the back of the same story of US shale, which will continue to distort the supply — demand picture despite Opec extending cuts.