The Abu Dhabi stock market fell on Monday ahead of the Eid-Al-Adha holiday. The Egyptian bourse rebounded a day after it fell over 2%.
The Abu Dhabi main share index, known as .FTFADGI, eased by 0.3% to reach 9,528.53 points. The Egyptian index, referred to as .EGX30, saw an increase of 2.2% to reach 10,108.33 points.
The decline in the Abu Dhabi market was attributed to profit-taking before the holiday, which is set to begin on Wednesday. The market is expected to remain closed for four days.
On the other hand, the Egyptian market experienced a boost due to a rebound in commodity prices. Oil prices rose on Monday, driven by concerns about tight global supplies.
The Egyptian market is also benefiting from positive developments, including the country’s recent economic reforms and the resumption of tourism.
Looking ahead, analysts anticipate that the Abu Dhabi market will continue to be volatile in the near term as investors seek more clarity on the global economic outlook. In contrast, the Egyptian market is considered more resilient due to its strong fundamentals and improving economic conditions.
Overall, the outlook for the two markets is positive in the long term. However, there are some short-term risks that could weigh on their performance. Investors should carefully monitor these risks before making any investment decisions.
