Economy
Dubai’s Market Best in the Gulf… Rises for Sixth Consecutive Month
Dubai’s financial market led a 2% rise in key Gulf stock indexes in September, extending its gains for a sixth consecutive month, and was followed by a key index in Qatar Stock Exchange. According to the monthly report of “COMCO”, the rest of the indexes fell into the red zone, marginally increasing by 0.6%. “Invest.”
The Morgan Stanley Gulf Index fell 2.7% this month, erasing gains made since the start of the year. The year-to-date decline in the index is 3.0%. The decline was widespread across Gulf bourses, with only Dubai and Qatar bourses recording gains, while other markets declined. The Saudi market index “TASI” was the top falling stock market this month with monthly losses of 3.8%, followed by Oman and Kuwait stock markets with declines of 2.5% and 1.7% respectively.
In terms of year-to-date performance, Dubai continues to post healthy gains of 24.8%, followed by Saudi Arabia and Bahrain with gains of 5.5% and 2.3% respectively. The rest of the Gulf markets ended the month trading in the red zone.
In terms of sectoral performance, most Gulf indicators were in the red zone in September 2023, including banks, which declined by 3.8%. Sector winners, on the other hand, were much smaller, but included real estate and energy, with gains of 2.4% and 1.6%, respectively.
Dubai market
The general index of the Dubai Financial Market rose 2.0% on a monthly basis in September 2023, ending the month’s trade at 4,163.58 points, continuing its gains for the sixth month in a row. After September 2023 saw gains in 5 out of 8 sectoral indices, the monthly performance of the market indices turned towards the gainers while the remaining three indices saw declines which somewhat negatively affected the overall growth of the month.
The real estate sector index recorded a growth of 8.6% to end the month’s trade at 7,457.1 points, mainly driven by a 13.9% rise in Emaar Properties share price in September 2023. Financial Services Code. With a growth of 13.9%, it was the second highest gainer for the month, 2.4% after several listed heavyweights in the sector posted significant gains for the month. These include stakes in Emirates NPT Bank (8.9%), Dubai Islamic Bank (3.7%), and National General Insurance Company (8.9%). On the other hand, the consumer goods sector index witnessed the biggest monthly decline, losing 9.9 percent of its value to end the month’s trade at 138.1 points.
Declines in the share prices of Emirates Refreshment Company (-9.9%) and Union Coop (-5%) led to a decline in the index in September 2023. The consumer services retail sector index fell to 4.8. % to end the month trading by closing at 1,503.8 points.
Abu Dhabi Market
On the other hand, the FTSE Abu Dhabi market index fell 0.3% in September 2023 to end the month’s trade at 9,785.32 points, registering its first monthly decline after three consecutive months of gains.
In terms of year-to-date performance, the Abu Dhabi Securities Index is down 4.2%.
In terms of sectoral indices, 6 out of 10 sectoral indices recorded growth during the month, while the remaining four sectoral indices declined.
In terms of gains, the real estate sector index witnessed the biggest monthly gains, registering a growth of 7.1%, ending the month’s trade at 8,766.7 points. The healthcare sector index continued to gain 5% to end the month trading at 3,790.0 points, with 2 of the 3 listed companies in the sector recording monthly gains, namely Gulf Medical Plans (7.34%) and Burjeel Holding Company (6.4%). On the declining sector side, the consumer staples index fell 6.8% to end the month’s trade at 9,738.0 points, followed by the consumer discretionary index which saw a 2.2% decline. By the end of September 2023.
Kuwait
The Kuwait Stock Exchange ended trading in September 2023 with a 1.7% monthly decline to close at 7,886.7 points, on the back of sustained losses throughout the month. The decline was driven by performance in major institutions including banks as the sector index recorded a decline in the month. Although the Premier Market Index saw its largest monthly decline of 2.3% in September 2023, in light of the decline in performance of most of the stocks that make up the index. In contrast, the benchmark 50 and benchmark index rose 1.3% and 0.4% respectively this month. Monthly declines have affected market performance since the start of 2023 to date, with the general market index now the biggest decliner among the Gulf Co-operative Council countries, with losses of 5.6%. The Premier Market Index is down 7.3% since the start of the year, while the Main Market Index 50 is down 0.2% and the Main Market Index is up 2.2%.
Saudi Arabia
The Saudi Stock Market Index (TASI) posted a monthly decline in September 2023. The index touched its highest levels of 11,491.20 points in the first week of the month, but it generally declined during the rest of the period. The month trade ended the month at 11,056.0 points with a decline of 3.8%. Despite this decline, Saudi Arabia remains the second-best performing Gulf Cooperation Council country, recording 5.5% gains from the start of 2023 to date. The month also saw the listing of Lumi Leasing shares in the transport sector.
Qatar
After posting a loss in the previous month, the Qatar stock market turned into a marginal gain in September 2023. The Qatar Stock Exchange index ended the month’s trade at 10,252.0 points, gaining 0.6%. Qatar All Shares Index, which rose 0.6%. In terms of year-to-date performance, Qatar’s stock market index fell 4%, the second-biggest decliner among Gulf Cooperation Council countries, while the all-stock Qatar stock market index posted a 0.2% gain. .
Two seas
The Bahrain Stock Exchange’s general index fell for the second month in a row in September 2023, registering a marginal decline of 0.7% to end the month’s trade at 1,939.13 points.In terms of year-to-date performance, the Bahrain Stock Exchange Index rose 2.3%.
Oman
The Muscat 30 index fell 2.5% in September 2023 to end the month’s trade at 4,678.13 points, registering its first monthly decline in four months.
In terms of year-to-date performance, the Amman Stock Exchange Index is down 3.7%.
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Dubai: “The Gulf”
Performance of stocks in GCC countries varied during the week; Dubai Financial Market Index alone lost 0.91% to 3951.52 points and Abu Dhabi Market Index lost 1.45% to 9400.75 points in 4 sessions.
In Saudi Arabia, the main market index TASI increased the week’s trade by 0.43% to close at 11,225 points, compared to 11,177 points at the end of the previous week.
In Kuwait, the general market index rose 0.33% for the week to close at 6654.64 points, compared to 6632.47 points at the end of the previous week.
In Bahrain, the Bahrain General Index rose 0.13% on the week to close at 1942.35 points, compared to last week’s 1939.77 points.
In Qatar, the Qatar Stock Exchange Index fell 1.93% in 5 sessions to close at 9,848.15 points, compared to 10,062.64 points at the end of last week.
In the Sultanate of Oman, the Muscat Stock Exchange Index fell 1.37% during the 5-session session to close at 4594.41 points, compared to 4658.17 points at the end of the previous week.
Outside the Gulf region, the Egyptian stock market index “EGX 30” increased the week’s trade by 0.46% to end at 24,686.16 points, compared to last week’s close of 24,571.98 points.
Weekly performance:
Egypt +0.46%
Saudi Arabia +0.43%
Kuwait +0.33%
Bahrain +0.13%
Dubai 0.91% –
Oman 1.37% –
Abu Dhabi 1.45% –
Qatar 1.93% –
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Economy
US stock indices rose at the end of today’s session; The Dow Jones Industrial Average rose 0.36%.
Investing.com – U.S. stocks were higher after the close on Friday, as the , , and .
By the end of trading in New York, it was up 0.36%, hitting its highest record level in more than 52 weeks, while it rose about 0.41% to close around 0.45%.
One stock stood out among today’s leading stocks Boeing Co (NYSE: ), which rose 3.00% or 7.12 points to 244.45. On the other hand, Goldman Sachs Group Inc. (NYSE: ) was up 1.82% or 6.27 points to end at 350.89. Chevron Corp (NYSE: ) was up 1.33% or 1.90 points to end at 144.32.
On weak performance at the end of today’s trade, Honeywell International Inc. (NASDAQ: ) traded down 1.61% or 3.18 points to trade at 194.61 at the close. Wal-Mart Stores Inc. (NYSE: ) traded down 1.08% or 1.64 points to 150.82, while Verizon Communications Inc . (NYSE: ) stock declined 1.05% or 0.41 points to close at . 38.24.
On the other hand, the best performers on the S&P 500 index were Paramount Global Class B (NASDAQ: ), which rose 12.11% to trade at 16.85, followed by Warner Bros Discovery Inc (NASDAQ: ). Shares rose 6.01% to close at 11.47 Lululemon Athletics Inc (NASDAQ: ) rose about 5.37% to trade at 489.64.
Among the weakest performing stocks today, we mention the company’s stock Enphase Energy Inc (NASDAQ: ), fell 3.88% to settle at 103.01, Dollar General (NYSE: ), lost 3.86% to 127.19, and Illumina Inc (NASDAQ: ), lost 3.58% to close at 112.94 in today’s session. In the stock market.
On the other hand, the best performance in the Nasdaq index was recorded by stocks Intensive treatment Inc (NASDAQ: ), soared 63.81% at the price of 6.88, Conduit Pharmaceuticals Inc (NASDAQ: ) continued its rise at 45.48% and closed at 5.15 volume. Assure Holdings Corp (NASDAQ: ) rose about 34.43% to trade at 0.35.
Among the weakest performing stocks today, we mention the company’s stock Sink Inc (NASDAQ: ), which plunged 47.00% to close its session at 0.21, Golden Heaven Group Holdings Limited (NASDAQ: ), which lost 41.38% at 1.36, and Bluebird Bio Inc (NASDAQ: ), which lost 40.54% to close at 2.86 in the stock market today.
The number of shares that gained more than the number of shares closed on a lower trading basis on the New York Stock Exchange was unchanged at 82, with 1647 compared with 1237. As for Nasdaq, 1,959 stocks strengthened their position, 1,503 stocks declined, while 119 stocks maintained their value.
Lululemon Athletica Inc (NASDAQ: ) rose to an all-time high, up 5.37% or 24.97 points to trade at 489.64. The Boeing Co (NYSE: ) traded up 3.00% or 7.12 points to trade at 244.45 to hit its 52-week high. Shares of Intensity Therapeutics Inc (NASDAQ:) soared to an all-time high of 6.88 by adding 63.81% or 2.68 points to trade at 6.88. Shares of Golden Heaven Group Holdings Ltd. (NASDAQ: ) fell to new record lows, declining 41.38% or 0.96 points to trade at 1.36.
It measures the implied standard deviation of options on the S&P 500 index, which fell 5.44% to close at 12.35, hitting its highest record level in 3 years.
Gold futures for February delivery were down 1.30%, or 26.55, at $2,019.85 an ounce. In other commodities trading, WTI crude oil futures for January delivery rose 2.80% or 1.94 to settle at $71.28 a barrel, while the February contract for Brent oil futures was up 2.51% or 1.86 points. and closed at $75.91 per barrel.
The EUR/USD pair maintained stability at 0.26% and traded at 1.08 levels, while the USD/JPY pair continued to gain 0.59% to reach 144.97 levels.
Dollar index contracts traded up 0.43% at 103.95.
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The Euro went back and forth during Thursday’s session, focusing on the 200-day EMA, an indicator that people sometimes focus on. At the same time, the market found itself testing the 1.0750 level, which had previously led to significant price volatility. Taking all factors into account, this situation highlights the situation where the Euro is preparing for a consolidation mode, which is waiting for an improvement in the US bond markets. Interest rates have played an important role in currency markets in recent times as traders discern the Federal Reserve’s stance on monetary policy – whether it will ease or maintain a more conservative approach.
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Also, the recent decline in interest rates may indicate market expectations of an impending economic downturn, which tends to promote the safe-haven status of the US dollar. This dynamic manifests itself in increased demand for US bonds, which subsequently leads to lower yields and higher demand for the US dollar.
Further complicating the situation is the influx of capital into Europe, which is struggling with the problems of the Great Recession. Overall, prevailing landscape traders face short-term rallies, although support should remain in the intervention area. It’s worth noting that next Friday’s session will be important, as employment data could influence the central bank’s course of action, or at least the perception of what it may or may not do. The market will continue to ask a lot of questions about the EU, which will favor the US dollar. Additionally, if the world slips into a major recession, the US dollar is usually a safe haven for traders.
Ultimately, the Euro is going through a challenging environment right now and the 1.0850 level is one to watch as it struggles with various factors. A break of this level could indicate an upward trend, although the current momentum is insufficient to facilitate such a move. It’s conceivable that a significantly weaker employment report could give the markets the momentum they need to return to volatility and make this market move very quickly. However, as we approach the end of the year, this could mean a decrease in volume, making markets difficult to predict.
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