INGOT Brokers AU | MENA market report (2019-01-28)

MENA market report (2019-01-28)

Most MENA stock markets finished today’s trading session in positive territories, with Saudi Arabian equities lifted by gains in the banking sector. Meanwhile, UAE markets rose on the back of gains in real estate stocks.

Bahrain’s stock market was the only loser in today session, weighed by losses in the Financials and Consumer Non-cyclical sectors; Manama’s leading index BAX lost 0.84 or 11.62 points to end at 1,379.27.

On the other hand, Qatar’s main index added 0.34 percent or 36.590 points to trade at 10,704.73 at the end, supported by gains in Basic Materials and Industrials sectors.

In the corporate space, Doha Bank lost 5.96 percent after the lender said full-year profit fell to 830 million riyals from 1.11 billion riyals from last year.

In the Energy Space, Political turmoil in Venezuela has so far had zero impact on global oil markets, Russia's RIA news agency cited Saudi Arabia's Energy Minister Khalid al-Falih as saying on Monday.

U.S. WTI crude edged up by 0.07 percent to settle at 53.00 at the close on Friday and is currently trading 51.72 at 15:00 GMT

Meanwhile, International Brent Crude edged up on Friday to trade at 61.46 per barrel at the close and is currently trading at 60.05 per barrel at 15:00 GMT.


Saudi Stock Market:

Saudi Arabia’s shares ended today’s session higher on the back of banking profits, Riyadh’s leading benchmark TASI rose by 1.35 percent to trade at 8,623.37 at the close, supported by gains in Utilities, and Basic Materials sectors.

Gains in the Banking stock lifted the broader market with Al Rajhi Bank adding 1.2 percent and the country's largest lender, National Commercial Bank, adding 0.8 percent, expanding on last week’s positive momentum after NCB reported a 3.5 percent increase in its fourth-quarter net profit.

Additionally, Saudi exchange data released late Sunday showed that foreigners were the net-buyers of 958.3 million riyals ($256 million) of stocks last week.

In Stock-specific news, Gulf Union Cooperative Insurance Co saw its share price drop by nearly 0.1 percent after the firm said its shareholders agreed to a capital increase of 241.9 Million Riyals as part of its offer to buy Al Ahlia for Cooperative Insurance.


United Arab Emirates Stock Market:

UAE shares ended today’s trading session on positive notes bolstered by advances in Real estate and Banking stocks.

Abu Dhabi equities finished today’s session higher, as the country’s main index ADI rose by 0.61 percent or 30.458 points to settle at 5,019.162, boosted by UAE’s biggest lender First Abu Dhabi Bank, that gained by 1.1 percent.

In banking news, Abu Dhabi Commercial Bank fell by 0.4 percent. Be that as it may, boards of Abu Dhabi Commercial Bank and Union National Bank are set to discuss a potential three-way bank merger, that includes the unlisted Al Hilal Bank. Union Nation Bank fell by 1.9 percent on the news.

Furthermore, Dubai equity market DFMGI ended today’s session higher by 1.23 percent or 31.30 points to settle at 2,570.94, supported by gains in Emirate's largest listed-developer Emaar Properties and DAMAC Properties, up 1.4 percent and 1.7 percent, respectively.  

Meanwhile, Dubai Islamic Bank rose by 1.4 percent; the bank added its board would discuss its full-year earnings on 30th of Jan.


Egypt Stock Market:

Egypt’s leading benchmark EGX 30 rose by 0.68 percent on Monday, to trade at 13,911.34 at the close, supported by Telecommunications Services and Healthcare sectors.

Looking at movers of the session, leading the table were Global Telecom Holding, Arab Engineering Industries and Brothers Solidarity for Real Estate Investment & Food Security. Up by 18.08 percent, 10.55 percent, and 10.06 percent, respectively.  

Meanwhile, Orange Egypt for Telecommunications filled the bottom spot down by 18.75 percent, followed by Union Pharmacist for Medical Services & Investment which lost 9.46 percent at the close.

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