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‘Movement in oil prices may impact investor sentiments’

Industry

Global markets continued the positive momentum during the week as investors focused on upbeat economic data and US Fed seems to be in no rush to tighten monetary policy, according to Allied Investment Partners report

However, the markets ignored the US shutdown, which seems to be without any resolution for now.

All the eight indexes under coverage closed on a positive note, which was supported sentiments in global markets coupled with oil prices rising again above US$60 per barrel.

On the positive side, Saudi Arabia was the best performer within the regional pack with gains of +4.8 per cent, followed by +1.3 per cent in Abu Dhabi and +1.2 per cent in Bahrain. Kuwait was the underperformer within the region as the index recorded marginal gains of 0.4 per cent during the week.

Going forward, regional markets might remain in range bound as they will closely follow the annual earnings, especially from leading companies to access the economic environment of the region. Further, the movement in oil prices will also have an impact on investor sentiments, which will provide direction to the regional markets during the week.

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Source: SafeStart

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Source: SafeStart

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