US markets ended last week on a positive note backed by the energy stocks’ upward performance.
Oil prices slipped towards the end of the week but remained near its three years’ high, with Brent ending the week at USD 77.12 per barrel while WTI at USD 70.70 per barrel.
On the regional front, most of the indices ended the week on a negative note except for Kuwait and Bahrain. Kuwait was the best performing index among its peers, ending the week up by 1.4%, followed by Bahrain with gains of 0.6%.
For the week, Egypt came in as the worst performer with losses of 3.8%, followed by Abu Dhabi with a negative performance of 2.6%, and Saudi Arabia with losses of 2.4%.
Dubai and Oman were both down by 2.2% and 0.9% respectively, over the same period. The global geopolitical scene coupled with Ramadan’s start will have its effects on the trading activity in the regional markets for the coming period.