Monday, May 30, 2011

Market Brief (23-27 May 2011)

During the week of May 23-27, the global stock markets under review, except for Spain and Brazil, continued the downward movements amid elevated concerns over Greek debt restructuring and weak US economic indicators. Greece was an underlying theme of the global financial market as (i) the EU remains divided over how to address Greece’s solvency, and (ii) the Greek government was unable to convince opposition parties to support new austerity measures. New home sale in the US dropped by 20.1% year-on-year in April while pending home sales plummeted by 26.5%.

The majority of African stock markets under review ended the week stronger. Egypt led the way buoyed by the pledges of financial support and investments from other countries. During the week, Qatar confirmed its interest in investing USD 10 billion in Egypt.

The stock index of Ghana declined amid a slowdown in trading activity.

Read the Market Brief