Dubai and Abu Dhabi were down by 1.5% and 1.4%, followed by 1.0% decline in Saudi Arabia, while Egypt ended higher by 1.1% for the week
However, oil prices witnessed a sharp sell-off towards the end of the week to end lower by 2.7% after the disappointment of the agreement between OPEC and allied partners to extend the oil cuts, while the markets were expecting a much deeper cut to support broader prices.
Regional indexes witnessed negative performance over the week with Dubai and Abu Dhabi leading the losers, while Egypt and Bahrain ended on a positive note for second consecutive week.
Dubai and Abu Dhabi were down by 1.5% and 1.4%, followed by 1.0% decline in Saudi Arabia, while Egypt ended higher by 1.1% for the week. Given that regional markets are now operating on Ramadan trading hours, the markets are expected to remain lackluster for another three to four weeks. Moreover, the sharp drop in oil prices over the previous week is likely to have a negative impact on regional investors over the next couple of trading sessions.
|Indexes||Last||WTD (%)||MTD (%)||YTD (%)|
|Abu Dhabi (ADSMI)||4,516.84||-1.41%||-0.13%||-0.65%|
|TR GCC (Reuters)||199.73||-0.07%||0.49%||-1.42%|
About Al Masah Capital:
Al Masah Capital is one of the fastest growing alternative asset management and advisory firms focused on the MENA and SEA regions. Established in 2010 Al Masah Capital provides tailored solutions to a broad investor base, offering private equity advisory (across Healthcare, Education, Food & Beverages, Logistics and other consumer driven sectors), asset management, corporate and real estate advisory as well as public market research services.
With operations in Dubai, Abu Dhabi and Singapore, Al Masah advises qualifying investors on growth opportunities in 13 focus markets in MENA and South East Asia.