Al Khaleej stuns Al Hilal with 3-2 victory, ending 57-match unbeaten run    Turki Al-Sheikh crowned "Most Influential Personality in the Last Decade" at MENA Effie Awards 2024    Saudi Arabia arrests 19,696 illegals in a week    SFDA move to impose travel ban on workers of food outlets in the event of food poisoning    GACA: 1029 complaints recorded against airlines, with least complaints in Riyadh and Buraidah airports during October    CMA plans to allow former expatriates in Saudi and other Gulf states to invest in TASI    11 killed, 23 injured in Israeli airstrike on Beirut    Trump picks billionaire Scott Bessent for Treasury Secretary    WHO: Mpox remains an international public health emergency    2 Pakistanis arrested for promoting methamphetamine    Move to ban on establishing zoos in residential neighborhoods    Moody's upgrades Saudi Arabia's credit rating to Aa3 with stable outlook    Al Okhdood halts Al Shabab's winning streak with a 1-1 draw in Saudi Pro League    Mahrez leads Al Ahli to victory over Al Fayha in Saudi Pro League    Saudi musical marvels takes center stage in Tokyo's iconic opera hall    Saudi Arabia and Japan to collaborate on training Saudi students in Manga comics Saudi Minister of Culture discusses cultural collaboration during Tokyo visit    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Sitting too much linked to heart disease –– even if you work out    Denmark's Victoria Kjær Theilvig wins Miss Universe 2024    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Global equity marts better than MENA equities in July
Published in The Saudi Gazette on 08 - 08 - 2008

Despite a strong profit reporting season from leading corporations across MENA, regional equity markets suffered losses in July 2008 leading to them underperforming many of their global peers.
According to a research report from leading regional investment banking firm Rasmala, the Abu Dhabi Index (ADX) was the only market to post positive returns in July.
All other regional markets suffered from seasonally low trading volumes, lingering concerns over the Iran nuclear issue, a busy IPO schedule in Saudi Arabia and the UAE and profit taking in the previously strong markets of Kuwait and Oman.
The broad MENA market index closed 5 percent lower for the month, overshadowing excellent valuations and positive corporate news.
"Global equity markets, particularly the United States, recovered some of their poise in July as oil prices corrected lower giving much needed relief to the global economy,'" said Khaled Al-Masri, partner, Asset Management at Rasmala.
"In our view, the relatively weak performance versus other global markets over the month is a temporary phenomenon as fundamentals and valuations remain compelling . The temporary downturn derives in the main from it being a seasonally slow period and domestic investors preference to invest in IPOs as opposed to the secondary market. Investor sentiment suffered as a number of technical barriers in Oman, Saudi Arabia and Egypt in particular. were breached in thin trading volumes."
The ADX was the star performer over the month and continued to outperform its Dubai peer. Strong performances by First Gulf Bank and Etisalat, on the back of their impressive second quarter earnings, supported the market while fresh margin positions opened at the beginning of the month provided a further push to the index which touched the psychologically important 5000 level.
The region's largest market, Saudi, suffered the most in July.
The Tadawul index lost over 6.5 percent for the month with the research report predicting that a regulatory or geo-political catalyst is needed for a rebound in momentum and domestic investor sentiment.
The Egyptian market continued to suffer from a host of domestic and international factors and lost a further 6 percent over the month with year-to-date losses reaching over 12 percent.
The previously resilient Omani and Kuwaiti markets could not resist the weak sentiment and lost 5 percent and 3 percent, respectively, with the Doha Stock Market ending 2 percent lower.
The ADX was the star performer over the month and continued to outperform its Dubai peer. Strong performances by First Gulf Bank and Etisalat, on the back of their impressive second quarter earnings, supported the market while fresh margin positions opened at the beginning of the month provided a further push to the index which touched the psychologically important 5000 level.
The region's largest market, Saudi Arabia, suffered the most in July. The Tadawul index lost over 6.5 percent for the month with the research report predicting that a regulatory or geo-political catalyst is needed for a rebound in momentum and domestic investor sentiment.
The Egyptian market continued to suffer from a host of domestic and international factors and lost a further 6 percent over the month with year-to


Clic here to read the story from its source.