The Month That Was - MENA markets mixed, Oil tumbles

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MENA markets were mixed in June, Saudi Arabia gained 8.1% while Qatar plunged by 8.8%. MSCI announced that Saudi Arabia would possibly be a part .....

Summary

  • MENA markets were mixed in June, Saudi Arabia gained 8.1% while Qatar plunged by 8.8%.
  • MSCI announced that Saudi Arabia would possibly be a part of the emerging markets index by 2019.
  • Oil witnessed 4.8% fall in June. Brent crude ended at $47.9 a barrel in the month of June.
  • Blue chips were mixed in the month of June. Saudi blue chips rejoiced with fresh investor confidence.
  • Saudi Arabia, UAE, Bahrain and Egypt announced the closure of land borders, sea and air space with Qatar, severing ties with the neighbour. Qatar’s stock and bond markets collapsed as a fallout of the crisis.
  • Kuwait is facilitating reconciliation between the neighbour countries to end the crisis in the region.
  • Improved investor confidence from strengthening U.S economy steered the rally in S&P 500 in the month of June. As widely anticipated, U.S Fed increased the interest rate by 25 bps.
  • Shanghai composite index jumped by 2.4% post the announcement about the inclusion of Chinese stocks in MSCI world index.

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The Month That Was - MENA markets mixed, Oil tumbles

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