Dubai – MENA Herald: Qatar witnessed profit taking from investors now that the market has absorbed the FTSE inclusion news, with the market’s major index going down by 2.7%, to be the worst weekly performer among its peers. Abu Dhabi and Kuwait also ended the week in the negative territory with each going down by 0.87% and 0.36% respectively. Egypt ended the week almost flat while Saudi and Dubai markets were both up by 0.8% and 0.6% respectively.
Al Masah Capital weekly Report indicates “Brent Crude oil prices reached a low of USD45.38 and bounced back to the USD46 levels with investors waiting for any news regarding oil output freeze, especially after the Russian President was quoted saying that such a decision would be the right one”. With Saudi being shut for the whole next week due to Eid holidays and the rest of the regional markets also having a truncated trading week, volumes may dry up as we head into this week with investors willing to sit on the side-lines.
However, August ended in the red, albeit not by much so some buyers may step in where they see value. Each market will attempt to dictate its own trend as we head into the last 4 months of the year with September price action quite possibly determining how the year ends. No major news for international markets last week although US jobs figures missing markets’ expectations reflected positively as a Fed rate increase may now be delayed.