Domestic Markets to be Influenced by Broader Global Markets Developments

  • Date: 28-Sep-2020
  • Source: Dubai Chronicle
  • Sector:Financial Markets
  • Country:GCC
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Domestic Markets to be Influenced by Broader Global Markets Developments

Global equities closed in negative territory, recording its longest weekly decline since 2019, which can be broadly attributed to fading hopes of a US COVID-19 stimulus package, heightened political volatility and fears over resurgence in new virus cases. However, tech stocks were able to outperform the broader markets during the week after witnessing downward pressure in previous weeks. Oil prices recorded a fall during the week, down 2.85% over rising concerns about demand due to slowing economic recovery and rise in new cases.

For the MENA region, the sentiments were in line with global markets as 5 out of the 7 regional indexes closed in red, while Kuwait and Bahrain were the only 2 indexes to close in green