10.52 AM Friday, 1 December 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:25 06:43 12:11 15:09 17:32 18:50
01 December 2023

Global cues to shape bullish trend in GCC

By Reuters

GCC stock markets are projected to see upside moves this week amid positive sentiment from global markets.

This trend was clear yesterday with Saudi's All Shares Tadawul Index adding 0.99 per cent to close at 6474.66 points. This bullish move is getting support from global markets, especially US stocks, which advanced the most in more than three months improving earnings and better-than- expected reports on manufacturing.

The main positive indicator from global markets came from the positive response to the move by US Federal Reserve to increase the rate it charges for direct loans to banks for the first time since 2006. Despite this announcement, stocks maintained gains.

"Earnings continue to meet or beat expectations," said Don Wordell, a fund manager for Atlanta-based RidgeWorth Capital Management, which oversees $62 billion (Dh227.6bn). "The majority of economic data coming out is more positive and creates an encouraging feedback loop back to the market."

Analysts expect the bullish sentiment in global markets will reflect on GCC markets and may encourage active investments by foreign investors.


Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.