JEDDAH/DUBAI — Global equity markets closed the week on a positive note on the back optimism over the progress in trade talks between the US and China. Additionally, the better than expected hiring in the US during the month of March has also reassured the growth after a disappointing jobs report in the previous month. Brent crude oil prices rose by 2.85% during the week on the back of tightening supplies, extending the YTD gains to 30.74%.

For the regional markets, the first week of April was positive with 6 out of the 8 indexes closing in green, while the remaining 2 closing in red. Dubai was the best performing index regionally with gains of 5.51%, followed by gains of 3.97% in Egypt and 3.13% in Saudi Arabia, while Oman and Abu Dhabi closed lower by 1.65% and 1.35% respectively.

Going forward, the upcoming quarterly earnings will be closely monitored by the regional markets to assess the pace of the widely expected economic recovery across the region. Additionally, the sentiment of the global markets coupled with rising oil prices should positively influence the regional equity markets during the week. — SG