Geo-political tensions across the region weighed down on regional markets’ performances with five out of the eight indices ending the week in the red.
Dubai, Kuwait and Qatar were on top of the losing team with -4.8%, -4.4% and -3.8%, respectively. Abu Dhabi and Bahrain ended the week with -2.0% and -1.2%, respectively, while the Saudi market was almost flat.
On the other hand, Oman and Egypt ended the week with a modest +0.3% and +0.2%, respectively. Despite the negative trend, crude oil remained above USD63 per barrel, ending the week at USD63.52 per barrel, while WTI was at USD56.74 per barrel.
Regional geo-political pressures will be driving investors’ cautiousness for the coming period, however the recent selling has opened new opportunistic entry points.