|12-24-2014, 03:16 PM||#1|
Gulf stock markets edge higher on lower volumes despite oil`s fall
Gulf bourses edged higher on Wednesday, tracking Asian and U.S. equities higher amid declining volumes as investors leave markets on year-end holidays.
The impact of oil prices have been notable on markets in the Gulf, with the performance of regional equities highly correlated with oil fluctuations, as markets started believing that lower prices would prompt governments to start cutting spending. However, big economies such as Saudi Arabia and the United Arab Emirates are unlikely to cut spending.
The sharp movements in crude oil prices have also had an impact on equities movements, first falling and then stabilizing. However, investors may have now realized that cheap oil prices would do little to harm corporate profits.
Brent crude oil prices were last down 1.1%.
Investors have stopped or eased aggressive adjustments of positions regarding oil fluctuations, and trading volumes have declined.
The stabilization in the stock market could also be due to many investors leaving markets, and it is possible that volatility could return after year-end.
Trading in the upcoming sessions and during next week might be affected by Saudi Arabia’s 2015 state budget announcement that is expected to show sustained spending, but considering the recent rally, markets could have already had that priced in.
Saudi Arabia’s Tadawul gained 1.30%, with the main gainer Saudi British Bank, which gained 6.25% after announcing a higher dividend in 2014 than last year.
Dubai’s index surged 2.28%, Abu Dhabi gained 1.18%, Qatar climbed 1.51% while Oman jumped 2.51%
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