The stock markets in the Gulf countries were volatile today, as some of them recorded negative performance as traders remained cautious before the release of important economic data.
Oil prices were heading higher as supply concerns returned. In this regard, the position of (OPEC) can continue to support the market further. At the same time, growing concerns about slowing economic activity in China remained a negative factor.
Dubai’s stock market remained volatile as sentiment among investors shifted.
Traders may remain cautious ahead of the release of new major economic data in the US tomorrow.
The stock market in Abu Dhabi declined slightly due to the uncertainty that dominates the energy markets. However, strong oil prices could help push the main index higher. The Qatari stock market tilted to the positive side thanks to the increase in natural gas prices. Natural gas markets could benefit from increased demand from European countries as winter approaches and temperatures drop. The Saudi stock market was volatile after a series of losses and remained subject to uncertainty in the oil markets. The main index could rebound if crude strengthens further. The stock market in Oman rebounded after some price corrections as investors returned to buying. The benchmark may head toward the previous high if conditions in the energy markets improve.
The Egyptian Stock Exchange incurred further losses due to strong selling pressure from international investors, who are increasingly cautious as uncertainties accumulate.