Equity markets expected to remain in positive territory post the outcome of US election, which could possibility improve the global trade environment – Allied Investment Partners PJSC Market Report

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Global equity markets recorded their best weekly gains since April 2020, as investors turned optimistic about a divided government and increased potential for a larger fiscal package. Moreover, quarterly earnings in Europe and improved US-China relations outlook pushed equity markets higher during the week. Oil prices rebounded during the week to rise by 3.98%, which was mainly driven by improved sentiments in global markets and push back plans of increased production. 

In the MENA region, equity markets also closed on a positive note; however, the performance was uneven across the regional markets unlike the performance witnessed in global markets. During the week, 4 out of the 7 regional indexes closed in green while 3 closed in red. Saudi Arabia was the best performing index regionally with gains of 2.29%, after recording losses of 7.02% in the previous week. Abu Dhabi, Egypt and Bahrain were other indexes that managed to close in green with gains of 1.24%, 1.08% and 1.03%, respectively. Dubai was the worst performing index with losses of 1.25%, followed by 0.20% in Oman. 

Going forward, equity markets might continue to remain in positive territory post the outcome of US election, which could possibility improve the global trade environment and lead to a massive fiscal package to support the broader US economic recovery. For the MENA region, the lack of catalysts within the domestic markets would mean that investors would look for cues from global markets in the coming weeks. Moreover, investors will also closely monitor the movements in the oil prices, which have been hovering around tricky levels.

IndexesLastWTD (%)MTD (%)YTD (%)
Dubai (DFMGI)2,160.44-1.25%-1.25%-21.86%
Abu Dhabi (ADSMI)4,718.011.24%1.24%-7.05%
Saudi (SASEIDX)8,089.152.29%2.29%-3.58%
Kuwait (KWSE)4,331.58-0.01%-0.01%-11.79%
Egypt (EGX30)10,629.291.08%1.08%-23.87%
Bahrain (BHSEIDX)1,441.821.03%1.03%-10.46%
Oman (MSM30)3,550.55-0.20%-0.20%-10.82%
Commodities ValueWTD (%)MTD (%)YTD (%)
Gold (s/OZ)1951.513.92%3.92%28.64%
Silver ($/Oz)25.598.29%8.29%43.52%
WTI ($/bbl)38.797.24%7.24%-36.47%
Natural Gas2.94-10.91%-10.91%34.31%
OPEC Oil ($/bl)39.453.98%3.98%-40.23%
Copper ($/MT)68522.13%2.13%10.52%
Aluminium ($/MT)1895.55.13%5.13%4.01%
FX RatesValueWTD (%)MTD (%)YTD (%)
USD/AED3.6730.00%0.01%0.01%
USD/SAR3.7510.00%0.00%-0.01%
USD/EGP15.69-0.06%-0.06%-1.94%
USD/EUR0.842-1.89%-1.89%-5.54%
USD/JPY103.36-1.25%-1.25%-4.83%

About Allied Investment Partners PJSC:

Established in 2007, Allied Investment Partners PJSC is licensed by Securities and Commodities Authority, UAE and is a leading investment firm providing various services like Asset Management, Alternative Investments, Wealth Management, Securities and Custody Services, Corporate Finance and Investment Banking Advisory.