The Month That Was - Oil Price Rebound Fails to Cheer GCC Markets

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While oil had the best month in August, it failed to cheer GCC markets that saw a drop of 1.2% pushing the yearly performance to -5.6%. After a fal.....

Summary

  1. While oil had the best month in August, it failed to cheer GCC markets that saw a drop of 1.2% pushing the yearly performance to -5.6%. After a fall of 16% in July, investors turned bullish on Brent crude. It gained 10.7 percent, though analysts claim that the rally would be short lived.
  2. The drag in the GCC index was primarily due to heavyweight Saudi Arabia’s Tadawul index (TASI) that declined by 3% in the month with investors being skeptical on the success of the talks to freeze oil production. The index is the worst performing Mena market for the year.  
  3. With FTSE announcing the inclusion of Qatari blue chips in the emerging markets index, Qatar index jumped 3.6% last month.
  4. UAE markets remained mixed, with Abu Dhabi registering a loss of 2.3 percent while Dubai index gained 0.6 percent.
  5. With progress in negotiations between Egypt and IMF on the loan facility, the Egypt stock market gained 1% in August following its 13% increase in July. This catapults Egypt as the best performing Mena market.
  6. Blue Chips were mixed with DP World and Ooredoo being the top gainers while National Commercial Bank and Saudi Telecom lost the most.
  7. Global equities remained flat in August due to thin trading volumes in the developed markets. Emerging markets gained 2.3 percent in August.

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The Month That Was - Oil Price Rebound Fails to Cheer GCC Markets

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