The Month That Was - Flat MENA, Positive World

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MENA markets negative in February, barring Bahrain, Jordan and Qatar. Egypt was the worst performer, as speculation regarding market transactional .....

Summary

  • MENA markets negative in February, barring Bahrain, Jordan and Qatar. Egypt was the worst performer, as speculation regarding market transactional tax pulled down the index. Other MENA indices fell on profit taking, as a sluggish global macro environment did not inspire investor confidence.
  • The Kuwaiti stock market is still the best regional performer in 2017, despite a marginal fall in index value in February. Kuwait Price and Weighted indices have climbed 18% and 11.6% YTD, respectively.
  • Global markets are enjoying a good rally, despite prevailing macro factors, with emerging and frontier markets leading the charge. Economic recovery of European Union and stabilization of oil prices has provided cheer to the markets
  • Oil price remained stable at above USD 55 per barrel, as OPEC members adhered to their agreement to cut output, and reduce the supply glut. More cuts are expected in the coming months, despite US attempting to increase production.
  • Barring Dubai, corporate earnings news were negative for GCC. Emaar Properties was the stand out performer for Dubai, and reported a 56 percent rise in fourth-quarter net profit, as property sales shot up    
  • S&P 500 notched up another positive month, closing 3.7% higher at 2,364 points. Trump rally continued, despite rising political and economic uncertainties.
  • A secondary equity market for SMEs and family firms was launched in the Kingdom, with relatively less listing requirements, to improve capital access, and remove burdens from the banking industry.
  • GCC is set on course to introduce VAT in 2018, as the countries signed the agreement for a common framework.

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The Month That Was - Flat MENA, Positive World

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