KUWAIT — For the second week in a row, tech companies powered US markets’ with Apple’s stellar earnings driving the markets to another set of all-time highs. The renewed expectations on OPEC extending its production cuts led oil prices to two-year highs with crude reaching $62.07 per barrel and WTI at $55.64 per barrel.

Al Masah Capital Weekly Report said for the regional markets, five out of the eight indices ended the week on a positive note while the remaining three were net losers. Egypt came on top with +2.6% gains over the week on the back of improving economic indicators and a recent IMF declaration that Egypt’s economic growth is driven by a “broad-based” recovery across industries.

Oman, Saudi Arabia, Bahrain and Qatar each advanced by +1.6%, +0.7%, +0.4% and +0.2% respectively. Kuwait was the worst performer among its peers with a -1.1% losses over the week, followed by UAE markets with Dubai losing -0.8% and Abu Dhabi -0.1%.

Going into the new week, positive news-flow focusing on Emaar Development IPO (which was covered fully on the first day of the offering), and strong oil prices should have a positive effect on trading activities, although the volatile regional geo-political dynamics can always throw up a surprise. — SG