US stocks had their best week since November 2020 last week following US-China talks on Ukraine and as the oil price rally slowed. Tech shares, which have endured one of their worst first quarters in years, saw large gains, with the Nasdaq rising more than 8% during the week. The S&P 500 rose 1.2% on Friday, closing out the week up 6.2%. This comes after a week of lows after wild swings on the back of contradictory developments in Russia’s war on Ukraine.

US-China talks ended without drama, with the Chinese President Xi Jinping telling Joe Biden that the invasion “is not something we want to see.” Investors saw optimism in the lack of fresh hostilities between the two powers: “Regarding Russia, Ukraine, the market has been more positive on news from the diplomatic front than negative on the escalation,” one strategist told Reuters.

Oil prices ended the week somewhat steady after days of heavy volatility: Brent rose 1.2% during trading on Friday, closing out the week at almost USD 108 a barrel. That’s a far cry from where it was earlier this month when fears over the escalating sanctions on Russia saw the price per barrel jump past USD 130.

Saudi Arabia will begin the construction of a USD 5 bn mega green hydrogen plant in Neom this month as it looks to begin exporting the fuel by 2026, Peter Terium, Neom’s chief of energy and water told Bloomberg. Construction work on the facility, called Helios, will begin soon by US-based Air Products & Chemicals Inc, he said.

THE CLOSING BELL-

The EGX30 rose 0.2% at Thursday’s close on turnover of EGP 1.4 bn (34% above the 90-day average). Foreign investors were net sellers. The index is down 10.2% YTD.

In the green: MNHD (+4.2%), Rameda (+2.7%) and Palm Hills Developments (+2.6%).

In the red: Orascom Development (-3.6%), Fawry (-3.2%) and GB Auto (-2.9%).