Market Wrap MENA-Asia 17 August: Shenzhen Jumps 2.4 Percent, Gulf Slips, Egypt Fades
Gulf equities slipped broadly on Monday while China rallied, as the 60-day ceasefire between the United States and Iran expired with no official negotiations or deal in sight, per CNBC. Shenzhen jumped 2.44 percent to lead Asia, Qatar fell 1.52 percent and Kuwait 0.90 percent to lead the region lower, and Egypt touched a record intraday high of 56,101.69 before fading to close 0.79 percent down, its first decline in three trading sessions, counted from our published closes.
Across Asia, China led a mixed session. The Shenzhen Component surged 2.44 percent to 14,704.28 and the Shanghai Composite 1.41 percent to 3,982.65, with Hong Kong’s Hang Seng up 1.34 percent at 25,453.23, per CNBC. Japan split: the Nikkei 225 rose 0.74 percent to 69,220.25 while the broader Topix fell 0.31 percent to 4,184.11. Singapore’s Straits Times added 0.43 percent to 5,768.46 and the Taiwan Weighted edged up 0.10 percent to 45,857.27, while India’s Nifty 50 slipped 0.32 percent to 24,287.65 and Australia’s S&P/ASX 200 fell 0.46 percent to 9,073.20. South Korea’s markets were closed for the substitute holiday following Liberation Day.
Oil held its ground as the diplomatic clock ran out. ICE Brent for October traded 0.15 percent higher at 88.65 dollars a barrel intraday and WTI for September 0.11 percent lower at 82.31 dollars, per CNBC, against Friday settlements of 88.52 and 82.40 dollars. COMEX gold for December traded 0.32 percent higher at 4,451.50 dollars an ounce, above Friday’s settlement of 4,437.30. Shipping through the Strait of Hormuz slowed to a halt into the expiry, with only 3 vessels passing on Sunday against a 5-day average of 12 and about 130 daily before the conflict began in February, per Kpler data cited by CNBC. Oman has been in talks with Tehran over reopening the waterway, Iran continues to deny direct negotiations with Washington, and the United States says informal contacts exist but that it has no timetable, per CNBC, which left the supply premium in place through the Asian and regional sessions.
In the Gulf, the selling was broad but concentrated in Kuwait and Qatar. Qatar’s QE Index dropped 1.52 percent to 9,892.24, our calculation against Sunday’s close, on 388.7 million riyals of turnover, per the exchange. Boursa Kuwait’s All-Share fell 0.90 percent to 8,762.37, with the Premier Market down 0.87 percent at 9,214.28 and the Main Market down 1.05 percent, on 330.8 million shares and 89.9 million dinars traded, per the exchange. Saudi Arabia’s TASI closed 0.11 percent lower at 10,908.06 after the closing auction, with 124 gainers against 133 decliners on 4.320 billion riyals of value traded, the MSCI Tadawul 30 down 0.20 percent at 1,465.99, Nomu down 0.71 percent at 21,515.75 and the Sukuk and Bonds index up 0.31 percent at 911.19, per the Saudi Exchange. Dubai’s DFM General fell 0.50 percent to 5,856.14, its third consecutive decline per the exchange’s own daily closing table, on 208.1 million shares and 651.9 million dirhams of value. The exceptions were Abu Dhabi, where the FADGI rose 0.29 percent to 10,076.60 on 1.086 billion dirhams of value, and Muscat, where the MSX 30 edged up 0.08 percent to 7,540.83 with 22 gainers against 19 decliners. Bahrain’s All Share eased 0.05 percent to 1,951.60 and Jordan’s ASE General fell 0.22 percent to 3,978.05, per the exchanges.
Egypt’s session was a record touched and released. The EGX 30 reached 56,101.69 during Monday’s trading, a fresh all-time intraday high per the exchange’s since-inception daily data, before closing at its session low of 55,415.07, down 0.79 percent from Sunday’s 55,854.74, which stands as the record close. The close finished 686.62 points, or 1.22 percent, below the intraday peak, our calculation, with the year-to-date gain at 32.48 percent, per the exchange. The pound firmed alongside the pullback: the Central Bank of Egypt’s official rate for 17 August is 50.1361 buy and 50.2719 sell per dollar, about 0.1 percent stronger than Sunday’s 50.1871 and 50.3220, our calculation.
In currencies and crypto, the dollar softened. The euro rose 0.21 percent to 1.1593 and sterling 0.22 percent to 1.3560, with the yen little changed at 159.22 per dollar and the Kuwaiti dinar at 0.3070, per CNBC. Bitcoin added 0.68 percent to 63,531.53 dollars, per CNBC. The CBOE Volatility Index closed Friday at 14.25, down 2.60 percent, with the US session yet to open on Monday.
For reference, Friday’s closes from our 16 August wrap show the United States and Europe ending last week soft, with the S&P 500 down 0.17 percent, the Nasdaq down 0.28 percent and the DAX the exception at 0.53 percent higher. European markets were already trading on Monday and Wall Street was yet to open at the time of writing, so Friday’s closes are carried below strictly for reference.
MENA equities, 17 August close, ranked by change
| Market | Close | Change |
|---|---|---|
| FTSE ADX General (Abu Dhabi) | 10,076.60 | +0.29% |
| MSX 30 (Oman) | 7,540.83 | +0.08% |
| Bahrain All Share | 1,951.60 | -0.05% |
| Tadawul All Share TASI (Saudi Arabia) | 10,908.06 | -0.11% |
| MSCI Tadawul 30 (Saudi Arabia) | 1,465.99 | -0.20% |
| Amman ASE General (Jordan) | 3,978.05 | -0.22% |
| DFM General (Dubai) | 5,856.14 | -0.50% |
| Nomu Parallel Market (Saudi Arabia) | 21,515.75 | -0.71% |
| EGX 30 (Egypt) | 55,415.07 | -0.79% |
| Kuwait Premier Market | 9,214.28 | -0.87% |
| Kuwait All-Share | 8,762.37 | -0.90% |
| QE Index (Qatar) | 9,892.24 | -1.52% |
Asia equities, 17 August close, ranked by change
| Market | Close | Change |
|---|---|---|
| Shenzhen Component (China) | 14,704.28 | +2.44% |
| Shanghai Composite (China) | 3,982.65 | +1.41% |
| Hang Seng (Hong Kong) | 25,453.23 | +1.34% |
| Nikkei 225 (Japan) | 69,220.25 | +0.74% |
| Straits Times (Singapore) | 5,768.46 | +0.43% |
| Taiwan Weighted (Taiwan) | 45,857.27 | +0.10% |
| Topix (Japan) | 4,184.11 | -0.31% |
| Nifty 50 (India) | 24,287.65 | -0.32% |
| S&P/ASX 200 (Australia) | 9,073.20 | -0.46% |
| Kospi (South Korea) | Closed, substitute holiday | – |
US equities, Friday 14 August closes, for reference, ranked by change
| Index | Close | Change |
|---|---|---|
| S&P 500 (United States) | 7,785.76 | -0.17% |
| Dow Jones Industrial Average (United States) | 53,732.41 | -0.20% |
| Nasdaq Composite (United States) | 26,729.16 | -0.28% |
Europe equities, Friday 14 August closes, for reference, ranked by change
| Index | Close | Change |
|---|---|---|
| DAX (Germany) | 26,440.31 | +0.53% |
| Euro STOXX 50 (euro area) | 6,539.59 | -0.09% |
| CAC 40 (France) | 8,636.80 | -0.16% |
| FTSE 100 (United Kingdom) | 10,750.11 | -0.21% |
Commodities, intraday 17 August, ranked by change
| Contract | Price | Change |
|---|---|---|
| COMEX gold, December 2026 | $4,451.50 | +0.32% |
| ICE Brent crude, October 2026 | $88.65 | +0.15% |
| WTI crude, September 2026 | $82.31 | -0.11% |
Currencies, intraday 17 August
| Pair | Level | Basis |
|---|---|---|
| USD/EGP, Central Bank of Egypt | 50.1361 buy / 50.2719 sell | official rate, 17 August |
| EUR/USD | 1.1593 | +0.21%, intraday |
| GBP/USD | 1.3560 | +0.22%, intraday |
| USD/KWD | 0.3070 | -0.03%, intraday |
| USD/JPY | 159.22 | -0.05%, intraday |
US Treasury yields, Friday 14 August closes, for reference, ranked by change
| Maturity | Yield | Change |
|---|---|---|
| 10-year | 4.68% | +5 basis points |
| 30-year | 5.25% | +4 basis points |
| 2-year | 4.17% | +2 basis points |
Volatility and crypto
| Instrument | Level | Change |
|---|---|---|
| Bitcoin | $63,531.53 | +0.68%, live Monday market |
| CBOE Volatility Index | 14.25 | -2.60%, Friday 14 August close |
Why it matters: Monday drew the map of who is exposed to the ceasefire expiry, our reading. The Gulf’s declines were led by Kuwait and Qatar rather than by Saudi Arabia, and with Abu Dhabi and Muscat closing higher in the same neighbourhood, the selling reads as position-trimming into headline risk rather than a repricing of any single economy. China’s rally ran on its own domestic drivers straight through the same headlines, which is why the day’s leadership table looks inverted. Egypt’s session is the most informative: a fresh all-time intraday high given back to a close at the session low is what profit-taking at the top of a 32 percent year looks like, and it arrived with a firmer official exchange rate, so the pressure was in equities, not the currency.
Outlook: The next sessions price what the expiry actually produces, our reading. The markers are whether the Oman and Tehran talks over reopening the Strait of Hormuz survive the ceasefire’s lapse, how Wall Street reopens on Monday evening Kuwait time after Friday’s soft close, whether Dubai extends a three-session decline, and whether the EGX 30 reclaims Sunday’s record close of 55,854.74 or Monday’s reversal extends. The United States Treasury publishes Monday’s official yield curve, derived from quotations at or near 3:30 PM New York time, which will give the first official read of the rates response.
Sources: Saudi Exchange; Boursa Kuwait; Dubai Financial Market; Abu Dhabi Securities Exchange; Egyptian Exchange; Qatar Stock Exchange; Muscat Stock Exchange; Bahrain Bourse; Amman Stock Exchange; Central Bank of Egypt; Cboe; CNBC.
