With 2017 is coming to an end, most of the regional markets advanced on a weekly basis driven by the rise in oil prices coupled with 2018 budget announcements that revealed governments’ expansion in spending.
Saudi came as the best performer among its peers with 1.9% up W-o-W, followed by Kuwait +1.3%, Bahrain +1.2%, Dubai +0.3% and Abu Dhabi +0.2%, while Oman remained unchanged or the same period.
Egypt was the only index that ended the week marginally low by -0.1%. Crude oil reached a new high for this year, ending the week at USD65.25 per barrel, marking a YTD performance of +14.84%, while WTI ended the week up by +2%.
With the absence of foreign participation because of the holidays season, regional markets’ trading activity is expected to remain range bound with subdued volumes.