Today’s market analysis on behalf of Osama Al Saifi, Managing Director for MENA at Traze
The UAE stock markets recorded mixed performances today. The Dubai stock market was higher, buoyed by the materials, financial, and industrial sectors. However, the market is ending the week with a slightly negative performance. The market could continue to see some consolidation, but could find support to return to the upside if risk appetite continues to improve.
In contrast, the Abu Dhabi stock market continued to slide slightly. Minor declines indicated limited profit-taking as the Q2 earnings season concludes, and could leave the market prepared for a rebound. However, the market could remain exposed to lower oil prices. Furthermore, today’s meeting between the US and Russia could create volatility in oil prices depending on its outcome.
Across the region, performance was also mixed. The Saudi market continued its decline after a brief pause last week, as lower oil prices pose a risk. The Qatari market posted another week of positive gains.