INGOT Brokers AU | MENA market report (2019-01-29)

MENA market report (2019-01-29)

Mena stock markets traded on mixed territories at the close on Tuesday, as Saudi Arabia was pressured lower by the banking sector, as well as the three Abu Dhabi based lenders agree to merge, forming a 114 Billion U.S. Dollar bank.

Bahrain’s stock market advanced as significant gains in the Financial sector lifted the broader market; Manama’s leading index BAX added 0.47 or 6.529 points to end at 1,385.80.

On the other hand, Qatar’s main index also advanced on Tuesday, as Doha's QSI index rose by 0.17 percent or 17.76 points to trade at 10,722.49 at the close, supported by gains in it Energy, Healthcare and Basic Materials sectors.

In the corporate space, Qatar National Bank, the largest bank by assets in the Middle East and Africa, is preparing to issue a U.S. Dollar-denominated bonds, QNB’s share price was down 0.3 percent.

In the Energy Space, Oil prices edge higher as U.S. imposes sanctions on Venezuelan state-owned oil firm PDVSA, curbing its exports to the U.S.

U.S. WTI crude fell by 2.81 percent to trade at $52.17 at the close on Monday and is currently trading $53.58 at 14:00 GMT

Meanwhile, International Brent Crude tumbled by 2.56 percent on Monday to trade at $59.80 per barrel at the close and is currently trading at $61.25 per barrel at 16:00 GMT.


Saudi Stock Market:

Saudi Arabia’s shares ended today’s session on lower territories weighed down by losses in banking stock’s, Riyadh’s leading benchmark TASI fell by 0.49 percent to trade at 8,581.48 at the close.

Samba Financial Group dropped by 1.6 percent; Al Rajhi Bank lost 0.6 percent. Meanwhile, Al Khodari saw its share price fall by 0.4 after being to disclose financial results within the specified time frame.

In corporate space, Saudi Steel Pipes surged to three and half year highs after the report its locked in n 82 million riyals ($21.86 million) contract from Saudi Aramco to supply oil and gas steel pipes, the firm’s share price jumped by 6 percent on the news.


United Arab Emirates Stock Market:

UAE shares ended today’s trading session on negative notes pressured by losses in the Utilities, Basic Material and financial sectors.

Abu Dhabi equities finished today’s session lower, as the main index ADI fell by 0.36 percent or 18.028 points to settle at 5,033.045.

In the corporate world, Abu Dhabi Commercial Bank, Union National Bank, and Al Hilal Bank agreed to a merger on Tuesday, thus effectively creating the third-largest bank in the United Arab Emirates.

The bank will become the fifth largest in the GCC with 420 billion UAE Dirhams ($114.35 Billion) in assets with increased productivity and economies of scale expected to boost profitability and increase competitiveness in the UAE.

Furthermore, Dubai equity market DFM index also settled lower on Tuesday, down by 0.19 percent to trade at 2,566.10, as large losses in Marsheq bank down by 10 percent, weighed down on the index.  

In the Real estate sector, DAMAC Properties advanced by 0.8 percent, the developer said that it had no plans to invest in the United Kingdom, responding to a news story that said it would invest $1.3 billion in London's property market.


Egypt Stock Market:

Egypt’s leading benchmark EGX 30 rose by 0.47 percent on Tuesday, to trade at 13,976.52 at the close, supported by advances across most sectors.

Looking at the movers of the session, leading the table was Global Telecom Holding, Heliopolis Co for Housing and Development, and EFG Hermes Holdings; Up by 9.93 percent, 5.36 percent, and 4.13 percent, respectively.  

In retrospect, Orascom Construction filled the bottom spot down by 5.20 percent, followed by Porto Group Holding which lost1.54 percent at the close.

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