The Month That Was - MENA Markets Break their Correlation with Oil

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Selling pressures led to MENA markets decline in May, despite rise in oil price Construction industry slowdown due to low oil prices, and worries.....

Summary

  • Selling pressures led to MENA markets decline in May, despite rise in oil price
  • Construction industry slowdown due to low oil prices, and worries over possible decline in loan quality made investors wary of entering the markets
  • Volumes and value traded across the region fell, in the lead up to Ramadan.
  • Blue Chips had a negative month, barring Emirates NBD and Saudi Electricity. NBAD and Ooredoo had a poor month at the markets
  • Global equities continued its momentum in May, despite indications that Fed would hike interest rates in June
  • Despite being plagued by low inflation, markets in the Euro area had a good month, as loans to corporates rose
  • Saudi CMA announced a slew of reforms in a bid to improve foreign institutional investment, and be considered for the MSCI upgrade to Emerging Markets status
  • Oil prices continued to rise due to supply disruptions and stronger demand in May, even as output from OPEC remained high
  • Brent crude price rose by 3.2%, even as analysts remained pessimistic about the June OPEC meeting.

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The Month That Was - MENA Markets Break their Correlation with Oil

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