Today’s market analysis on behalf of Daniel Takieddine, CEO MENA at BDSwiss
27th March 2024
The GCC stock markets were mostly in the red, affected by a drop in oil prices and a cautious stance ahead of US inflation data later this week.
The Saudi stock market stabilized to a certain extent after three consecutive days of declines. The banking sector, led by Al Rajhi Bank and Alinma Bank, was predominantly negative, weighing on the market. However, the Saudi stock market could return to the upside as it continued to see solid corporate earnings. Modern Mills’ surge on its trading debut also points to investors’ interest in the Saudi market.
The Dubai stock market was near its lowest level in March while major stocks like Emaar Properties and Emaar Developments posted losses along with banks. The market could remain exposed to the downside after it failed to rebound toward this month’s high.
The Abu Dhabi stock market retreated today, erasing some of the gains from its last rebound. The market was impacted by falling oil prices and could remain exposed in this regard.
The Qatari stock market recorded its third consecutive day of losses. The banking sector was the main contributor to the market’s decline, while the energy sector also suffered due to lower energy prices. The Qatari stock market could see additional price corrections as it moves toward February’s low.