The Month That Was - MENA markets positive, Oil gains

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MENA markets were generally positive in July, Dubai gained 7.1% while Saudi plunged by 4.5%. Oil witnessed a gain of 9.9% in July as Brent crude .....

Summary

  • MENA markets were generally positive in July, Dubai gained 7.1% while Saudi plunged by 4.5%.
  • Oil witnessed a gain of 9.9% in July as Brent crude ended at $53 a barrel during the month.
  • Blue chips were positive during the month as they benefitted from the positive sentiment backed by the oil price rally.
  • Four Arab states refrained from slapping further sanctions on Qatar but voiced disappointment at its "negative" response to their demands and said their boycott of the tiny Gulf nation would continue.
  • Moody's has obtained a licence to operate rating activities in Saudi Arabia, joining the two major foreign credit rating agencies Fitch and Standard & Poor's, as the country seeks to develop its corporate debt capital markets.
  • Improved investor confidence from strengthening U.S economy steered the rally in S&P 500 in the month of July.
  • Shanghai composite index jumped by 2.5% on the backdrop of growth in China's manufacturing picking up its pace in July.

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The Month That Was - MENA markets positive, Oil gains

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