Stock markets in the Gulf may be quiet on Sunday as investors are reluctant to invest aggressively but Dubai investment bank, Shuaa Capital, may shine after it reported strong quarterly results.
Tensions between the United States and North Korea have continued to escalate, driving investors to safe-haven buying of gold and the yen. On Friday, MSCI’s index of stocks across the globe posted its largest weekly drop since the week before Donald Trump won the U.S. presidential election in November, although Wall Street was stable. Brent oil settled at $52.10 a barrel, flat for the week.
However, Shuaa Capital said it swung to a second-quarter net profit of 12.1 million dirhams ($3.3 million) from a loss of 50.8 million dirhams a year ago.
The Dubai index, last at 3,647 points, has been slightly outperforming its peers over the last several weeks, and technical analysts at NBAD Securities say the main trend remains bullish as the index is trading above its 14- and 21-day moving averages.
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Frontpage September 18, 2019