Mahmoud Jamal – Mubasher: Most Gulf stock exchanges rose by the end of the first week of October, following the impact of rising global equity markets and oil price gains after the “OPEC Plus alliance” “agreed to cut supplies by reducing production targets by two million barrels per day.
Oil prices, the main catalyst for the region’s equity markets, achieved the largest weekly rise in 6 months, as December-delivered Brent crude jumped 15% to $ 97.92 a barrel and crude oil in December. West Texas with November delivery rose 16.5% to $ 92.64 per barrel.
According to statistics compiled by “Mubasher Information”, the Saudi market index “TASI” jumped 3.09% at the weekend, the Qatar stock exchange index rose 2.6%, Abu stock indices Dhabi and Dubai were up 2% and 1% respectively, and the Muscat Securities Market Index was up 0.24%.
Mahmoud Atta, investment manager at Universal Securities Brokerage, told Mubasher Information that Gulf stock exchanges are likely to continue to rise as more oil price increases continue to register, representing the largest return to revenue in the countries of the United States. region, noting that the recovery in oil and natural gas prices and its upward trend as the global energy crisis continues qualifies the region’s stock exchanges for further gains.
He pointed out that the region’s stock exchanges could find support in the coming period from major factors for listed companies, especially economic results approaching announcement season for this year’s nine-month period, as well as their news of expansions. and acquisitions, noting that markets could come under rapid pressure in the event of developments related to tightening US monetary policies in addition to geopolitical tensions.
For her part, Asmaa Ahmed, a stock analyst, confirmed that the continuation of the stability of oil prices above the level of 80 dollars a barrel, which reaches the level of parity for the balance sheets of most of the Gulf markets, like a barrel Brent crude is trading at around $ 97 a barrel, which supports the Gulf markets and positively affects the profitability of companies, especially oil.
Outside the region, the leading “EGX30” index for the Egyptian stock market rose 1.87% to close this week’s trading at 10,010 points. Financial markets expert Hossam Eid predicts that the major stock market index will continue to collect more gains and reach a level above 10,200 points, supported by the continued activity of major stocks and the trend of Egyptian and Arab finance institutions towards buying. , noting that in case of profit-taking trades, the main index will test the 9900 point level, thus abandoning the 10,000 point level again. The Egyptian stock exchange was closed last Thursday due to an official holiday.
The rise in Arab equity markets during that period was in keeping with the rise of most global exchanges, led by “Wall Street” with support for improved risk appetite among investors. bets to raise interest rates strongly monitor and monitor the repercussions of the crisis between Russia and the United States due to the increase in military operations in Ukraine could slow the pace of earnings during trading this month.
Globally, most US stock indices recorded a weekly rise, as the broader Standard & Poor’s 500 Index rose 1.5% to 3,639 points and the Dow Jones Industrial Average rose 2%, reaching 29,296 points.
The Nasdaq Composite Index of technology stocks rose 0.8% to 10,652 points. The European Stoxx 600 index gained 1% to 391 points.
And Daboura, financial adviser Taher Morsi, has suggested that global equity markets will not continue to grow clearly in the next period, in light of an unexpected drop in the unemployment rate and therefore the continued strength of the American job market, which supports speculation. to continue tightening monetary policy to tackle inflation.
Interestingly, global stock exchanges closed last Friday’s trading with a decline, which confirms the expected fluctuations in them, as the “Dow Jones” industrial index fell 2.1% and the “Standard & Poor’s 500” decreased by 2.8%.
The Nasdaq fell by 3.8%, the European Stoxx 600 index by 1.2% and the German DAX by 1.6%. In Japan, the Nikkei Index fell 0.7% and the broader Topix index fell 0.8%.
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