The year 2019 has started on a strong note after a challenging fourth quarter of 2018. The sentiments were boosted by corporate earnings, optimism over US-China trade talks and the formal pause of interest rate hikes by the Fed, which led to a positive close in the month of January across the global markets. Further, oil prices also witnessed a strong rebound as Brent surged by 16.6% during the month.

For the regional markets, the sentiments in global markets coupled with recovery in oil prices led to a positive close as all the indexes closed in green with the exception of Oman. Saudi Arabia was the best performer with gains of 9.4%, followed by 8.4% in Egypt, while Oman was the worst performer, down by 3.6% during the month of January.

Going forward, the regional markets should continue the positive momentum on the back of developments in global markets coupled with stability in oil prices. Additionally, corporate earnings will continue to dominate the movement in the regional markets during the next couple of weeks as investors will draw cues to accordingly position themselves in current market environment.

Indexes

 

Last

WTD (%)

MTD (%)

YTD (%)

Dubai (DFMGI)

2,567.59

2.1%

1.5%

1.5%

Abu Dhabi (ADSMI)

5,044.85

0.5%

2.6%

2.6%

Saudi (SASEIDX)

8,559.95

1.5%

9.4%

9.4%

Kuwait (KWSE)

4,798.05

0.3%

1.3%

1.3%

Egypt (EGX30)

14,126.68

4.6%

8.4%

8.4%

Bahrain (BHSEIDX)

1,391.42

1.3%

4.0%

4.0%

Oman (MSM30)

4,166.47

-0.3%

-3.6%

-3.6%

 

Commodities

 

Value

WTD (%)

MTD (%)

YTD (%)

Gold (s/OZ)

1317.93

1.1%

-0.2%

2.7%

Silver ($/Oz)

15.91

1.1%

-1.0%

2.8%

WTI ($/bbl)

55.26

2.9%

2.7%

21.7%

Natural Gas

2.73

-14.0%

-2.8%

-7.0%

OPEC Oil ($/bl)

62.75

1.8%

1.4%

16.6%

Copper ($/MT)

6139.8

3.0%

-0.1%

1.8%

Aluminium ($/MT)

1905.5

1.0%

-0.3%

3.4%

 

FX Rates           

 

Value

WTD (%)

MTD (%)

YTD (%)

USD/AED

3.673

0.0%

0.0%

0.0%

USD/SAR

3.75

0.0%

0.0%

0.0%

USD/EGP

17.6

-1.3%

-0.2%

-1.5%

USD/EUR

0.873

-0.4%

-0.1%

0.1%

USD/JPY

109.48

0.0%

0.6%

-0.1%

 

Source: Matrix PR