Regional equities had a negative performance last week with six out of the eight indices in red while only two in black.
Unsatisfactory second quarter corporate earnings coupled with the lack of macro catalysts for any of the regional markets were the main reasons behind the negative performance during the week.
Egypt was the worst performer among its peers losing 2.5% during the week. Oman, Bahrain Qatar came in next with -2.0%, -1.9% and -1.5% respectively and UAE markets followed with both markets losing -1.3%.
Kuwait came in as the best performer over the week with modest gains of 0.6% extending its YTD positive performance to +19.8%, followed by Saudi Arabia which ended the week up by +0 .2%.
Crude oil on the other hand ended the week up by +1.19%, maintaining its price above USD 52 per barrel. The coming period will still be impacted by the summer lull till the end August with thin trading volumes.