The Month That Was - Oil gains fail to enthuse GCC markets

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MENA markets were generally negative in September; Egypt gained the most at 5.7% while Qatar slipped 5.5% making it the worst performing market. .....

Summary

  • MENA markets were generally negative in September; Egypt gained the most at 5.7% while Qatar slipped 5.5% making it the worst performing market.
  • Oil price gain failed to lift most of the GCC markets, Saudi being the only exception.
  • GCC markets were affected by the sentiment that current oil price level is not enough to avoid the tough economic circumstances in the region next year, as governments continue austerity policies.
  • Oil witnessed a gain of 9.9% in September as Brent crude ended at $58 a barrel during the month. The gain can be attributed to better OPEC compliance of the supply cuts and a drop in the number of oil rigs in the U.S
  • Blue chips were mostly negative as investors focused more on FTSE's announcement and the likelihood of the negative performance was factored in the Saudi’s blue chip pricing.
  • Qatar blue chip stock continued their underperformance as a result of the ongoing diplomatic crisis.
  • The Financial Times Stock Exchange (FTSE) Russel promoted Boursa Kuwait to a secondary emerging market.
  • MSCI’s world index, which tracks shares in 46 countries, gained by 2.1%, resulting in 11th straight month of gains.
  • The dollar’s strength pressured many emerging market currencies and bonds, dragging down MSCI EM index by 0.5%.

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The Month That Was - Oil gains fail to enthuse GCC markets

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