Fadi Riad, senior market analyst for the Middle East and North Africa region at Capix.com, said the Abu Dhabi stock market was under pressure as traders continued to worry about whether they would make any gains after a modest rally in April. .
“While limited stimuli have left the market without clear support, a strong rally in oil prices can help limit losses and even nudge the market in a positive direction,” he added.
Oil prices, the catalyst for financial markets in the Gulf, rose nearly 3% on Monday as fears of a recession faded in the United States and traders believed that the drop in crude oil was overdone after three consecutive weeks. losses for the first time since November.
market performance
In the red zone, the following indices fell: The Abu Dhabi Securities Market Index fell 0.15% to 9,691 points.
The Dubai Stock Exchange index stands at 3,582 points at the end of the session.
In the green zone, the following indexes rose: The Qatar Stock Exchange index rose 0.4% to 10,715 points The Bahrain Stock Exchange index rose 0.71% to 1,913 points
Outside the Gulf region, Egypt’s EGX30 index rose 2.37% to 17,642 points, ending losses for five consecutive sessions.
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