Mideast Markets Mixed, Oil Ends April 5.8% Up – May 2

    Markets in Middle East Searched for Direction 

    Markets in the Middle East region were mixed on Sunday. The main index in Kuwait rose 0.5%, outperforming other indices. Gauges in Dubai, Oman, and Abu Dhabi also advanced. Qatar’s QE proved to be the biggest loser on Sunday and was followed by Israel and Saudi Arabia. Markets in Bahrain and Egypt were shut for holidays. Overall, Middle Eastern markets were searching for direction, inspired by their shares’ excellent performance in April. 

    Despite its decline on Friday, Brent crude finished April 5.8% higher, buoyed by a flow of positive economic data and the revival of fuel consumption in large economies. Oil is the major source of revenue in the Gulf countries. OPEC+ predicts that the oil consumption will rise to 6 million barrels a day in 2021, which will support shares in Saudi Arabia in particular, considering that the country is the biggest oil exporter in the world. 

    These are the moves that investors should watch in the Mideast markets on Sunday:

    Jabal Omar Development and cement makers including Qassim Cement, Arabian Cement, and Eastern Province Cement advanced as much as 2.7%.

    Dubai’s DFM General Index added 0.4%, thus leading gains in the Gulf. Dubai Islamic Bank rose+0.7% and contributed the most to the Index’s advance.

    Lender retreated 1.6% last week after posting disappointing the first-quarter results.

    Qatar’s QE Index continued dropping for a third session. It shed 0.4% on Sunday, becoming the biggest loser in the Gulf. Industries Qatar slipped 1.5% and thus dealt the strongest blow to the index. 

    Another good news released on Sunday was the acceptance of Israeli gold traders by the DGCX. Israeli traders investing in gold can now use the Dubai Gold & Commodities Exchange (DGCX) for the first time in the trading history. The Exchange has received a permit from Israel Securities Authorities that enables Israeli corporations to become members of the DGCX. Israeli corporations are allowed now to use DGCX trading services and platforms and act as market makers. 

    Have a profitable trading day!

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