Trading activity in regional markets dominated by quarterly earnings

Trading activity in the MENA markets ended on a mixed note, as three out of the six indexes closed in red, while the remaining three closed in green for the day, Dubai-based investment firm Allied Investment Partners PJSC said in a report.

Grading activity in the regional markets was dominated by quarterly earnings, which have been mostly subdued. Saudi Arabia remained under pressure for the second consecutive session as the index was down by 0.6 per cent for the day, weighed by disappointed quarterly earnings.

UAE markets ended higher during the session as Abu Dhabi was up by 1.1 per cent, while Dubai traded flat for the day. The market breadth in Dubai was evenly poised between gainers and losers, while three remained unchanged for the day. Abu Dhabi rebounded during the session to report its highest daily gain in more than two months, which was supported by banking, energy and telecommunication sector stocks.

US markets began the week on a positive note, which was supported by gains in the financial sector stocks. European markets also ended on a positive note with London up by 0.1 per cent, while France remained unchanged for the day. At the time of writing this report, Asian markets opened in red with Hong Kong and China trading lower by 0.3 per cent and 0.7 per cent respectively, while Japan was up by 0.9 per cent.