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The Dubai Financial Market topped the Gulf stock exchanges in the first half of 2023, achieving gains of 13.7%. The Saudi market came in second place in the Gulf region, which increased by 9.3%. As for the Bahrain index, it rose slightly by 0.2%, although it closed on Monday, declining by 0.18%, to 1957.87 points. While the FTSE Abu Dhabi market index fell by 6.5%.
The Qatar Stock Exchange index fell 5.68% in the first half, and closed up by 2.35%, to 1074.6 points. As for the first index of the Kuwait Stock Exchange, it plunged 3.77%, although it closed on Monday, up by 0.57%, to 7029.77 points. The Muscat Market index also declined 2.26%, despite its rise at the end of Monday’s trading, by 0.44%, to 4768.22 points.
In the Arab world, the Egyptian Stock Exchange topped the list of Arab gains since the beginning of the current year’s trading until before Eid al-Adha, i.e. the first half of the year, with the rise of its 30-year main index by 21%. The “EGX30” index closed, on Monday, up by 2.18% to 17,665 points, and the “EGX50” index rose by 1.15% to 3,262 points, and the “EGX30 weighted index” jumped by 1.74% to 21419 points, and the “EGX30 index” increased by 1.74% to 21419 points. “EGX30 total return,” 2.21%, to 7,395 points.
Price corrections
“Some markets may remain subject to price corrections and may be affected by energy market developments in the coming days,” said Daniel Taqi El-Din, CEO of the Middle East and North Africa region at BD Suisse.
He pointed out that «oil prices remained volatile and witnessed limited reactions to the political tensions in Russia that could affect the outlook for oil supplies, and developments in Russia may remain the focus of attention during the next few days, as traders try to determine any impact on supply levels».
He pointed out that «the stock market in Dubai remained stable before the Eid al-Adha holiday, after a series of limited movements in prices last week, and the main index could resume an upward trend next week, although it may be subject to price corrections if traders move to secure their gains». .
Taqieddin added, “The market can continue to find support in the strong banking sector as well as the resilient local economy. The non-oil sectors continued to see good performance, which could help support the stock market in the coming weeks.”
pressure on the Abu Dhabi market
And Taqi Al-Din saw that «the stock market in Abu Dhabi was subjected to some pressure after the recovery last week. The market may remain subject to fluctuations and uncertainty regarding developments in the oil markets.
In the Arab world, Taqi Al-Din considered that “the Qatari stock market has rebounded strongly after a series of losses over the past two months, and the market may find support in a slight recovery in natural gas prices, as temperatures and demand may continue to rise this summer.”
He continued, “The Egyptian Stock Exchange followed its Qatari counterpart and recovered some of the losses it recorded last week. However, the main indicator is still in an uncertain direction and could continue to see more price corrections if local traders remain cautious.
According to Taqi El-Din, “Traders can monitor the economic data in the United States this week, which may move prices to a certain extent. With the potential upside in interest rates continuing, the US economy and oil demand remain vulnerable.
