The Month That Was - MENA markets tumble in line with Oil

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MENA markets were negative in April, excepting Abu Dhabi, Morocco and Saudi Arabia. Oil price continued to decline in April settling at USD 51.73.....

Summary

  • MENA markets were negative in April, excepting Abu Dhabi, Morocco and Saudi Arabia.
  • Oil price continued to decline in April settling at USD 51.73 per barrel. Increasing supplies from Libya and the U.S led to the 2.08% fall last month. Given the supply demand dynamics prevailing in the market, oil analyst expect oil prices to stay at USD 60 per barrel.
  • Investors’ preference to banks and real estate and the post-merger listing of NBAD provided momentum to the Abu Dhabi general index.
  • In 2017, Kuwait price index lead the MENA markets increasing 19% YTD.
  • Many blue chips were in the red in April, while few companies such as National Bank of Abu Dhabi (NBAD) gained. The post-merger listing of NBAD and investors focus on specific stocks in the real estate and banking sector pushed the share prices of NBAD
  • Project awards in GCC reverted in Q1 2017 after remaining sluggish in 2016. Value of projects in GCC increased by 22.6% in Q1 2017 compared to the last quarter of 2016
  • Global markets rebounded as investors were bullish on the grounds of French presidential elections and tax cuts in the U.S.
  • Emerging markets, especially India has been the star performer in 2017. India’s BSE Sensex gained 1.38% and 12.8% in April and 2017 (YTD) respectively.

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The Month That Was - MENA markets tumble in line with Oil

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