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GCC Weekly Markets Snapshot

January 2016

January 10, 2016 | 11:05 | Dubai

 

GCC markets closed lower at the end of trading last week following global cues. Slowdown in China, subdued crude oil prices and the overall global economic slowdown weighed on sentiment. TASI closed 4.5% down on Thursday to 6,225 points due to a decline across sectors. DFM pulled back on Thursday; it plunged 3.4% to 2,966 points, tracking global stock markets that displayed negative performance. The Real Estate sector was the biggest loser (down 4.1%), followed by Investment and Banks (down 3.9% each), according to a report by Global Investment House (Global).

 

ADX sagged on Thursday, fell 3.2% to 4,135 points, as most major sectors were in the red. QSE inched down 3.0% on Thursday to 9,767 points. MSM30 closed 0.5% lower on Thursday at 5,365 points. BSE declined 0.7% to 1,202 points. KSE indices closed in the red with the price index fell 1.6% to close at 5,475 points; the weighted index retreated 1.4% to 372 points. The Financial Services sector led the decliners (down 2.4%), followed by Consumer Goods (down 2.3%) and Banks (down 1.5%). On the other hand, the Technology and Insurance sectors rose 0.6% and 0.4%, respectively. Al Massaleh Real Estate topped the gainers (up 8.9%), while Mayadeen led the losers (down 9.3%). EGX indices were closed on Thursday due to celebration of Eastern Christmas, according to the report by Global Investment House (Global). Among the major news announcements last week was Emaar gearing up to deliver three projects in 2016: The Address Boulevard (75% completed) in Dubai Downtown, Palma Community (63% completed) and Polo Homes (91% completed) at the Arabian Ranches. In internal news, US jobless claims dropped by 10,000 during the week ended January 2. Copper prices fell amid a strong dollar and concerns related to demand from China. On Friday, prices dropped 0.9% to close at $4,483/MT on the NYMEX.

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