Regional markets witnessed a positive performance on the last day of the week with almost all indices ending the day in green, however, this didn’t help the weekly performance to move from the negative zone.
The IPO active pipeline coupled with high oil prices were the main reasons behind the positive performance of regional indices. On a weekly basis, five out of the eight indices were in red, two in green, while only one remained unchanged.
Kuwait and Qatar came on top of the losing team with a loss of -1.1% each, followed by Abu Dhabi, Saudi and Oman with each losing -0.9%, -0.5%, and -0.4%, respectively.
On the winning side, Egypt came as the best performer with gains of +1.9%, followed by Bahrain +0.5%, while Dubai main index remained unchanged over the same period.
Crude oil remained above the USD60 per barrel mark, ending the week at USD63.86 per barrel with a +1.8% increase relative to last week.
Geopolitical tensions are still in the limelight, however, investors are keeping their eyes on good investment opportunities offered by the new IPOs that markets are witnessing with ADNOC in Abu Dhabi and Ibn Sina in Egypt next in line to be listed before year ends.