INGOT Brokers AU | MENA market report (2019-01-30)

MENA market report (2019-01-30)

MENA stock markets traded on mixed territories at the close on Wednesday, as Saudi Arabia was trading near constant levels, while markets in the UAE traded in the negative.

Bahrain’s stock market advanced as significant gains in the Financial sector lifted the broader market; Manama’s leading index BAX added 0.48 or 6.557 points to end at 1,392.46.

On the other hand, Qatar’s main index traded at unchanged levels on Wednesday, as Doha's QSI index edged down by 0.03 percent or 3.09 points to trade at 10,719.40 at the close, as gains in the energy sector were offset by losses in the utilities and basic materials sectors.

In the Energy Space, Oil prices advanced for the second consecutive session on Wednesday, as supply worries lifted prices after the U.S. imposes sanctions on Venezuelan state-owned oil firm PDVSA, curbing its exports to the U.S.

U.S. WTI crude rose by 2.25 percent to trade at $53.07 at the close on Tuesday and is currently trading $54.67 at 16:00 GMT

Meanwhile, International Brent Crude added 2.22 percent on Tuesday to trade at $61.23 per barrel at the close and is currently trading at $62.53 per barrel at 16:00 GMT.

 

Saudi Stock Market:

Saudi Arabia’s shares ended today’s session on lower territories, Riyadh’s leading benchmark TASI edged down by 0.03 percent to trade at 8,583.63 at the close.

In the corporate space, Riyad Bank, reported a 39 percent increase in fourth-quarter net earnings on Wednesday, Saudi Arabia's fourth-largest lender by assets is in merger talks with larger rival National Commercial Bank, which made 1.35 billion riyals ($360 million) in the three months to Dec. 31, up from 974 million riyals in the year-earlier period.

 

United Arab Emirates Stock Market:

UAE shares ended today’s trading session on negative notes pressured lower by losses in the Healthcare and financial sectors.

Abu Dhabi equities finished today’s session lower, as the country’s main index ADI fell by 0.56 percent or 28.199 points to settle at 5,004.846.

In the banking sector world, Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) saw their share price move opposite directions, a day after both banks said that they agreed to merge and for the combined entity to acquire Al Hilal Bank

Meanwhile, in Dubai, the city’s leading benchmark DFM index also settled lower on Wednesday, down by 1.07 percent to trade at 2,538.56, hurt by significant losses Dubai Islamic bank, down by 4.37 percent.

 

Egypt Stock Market:

Egypt’s leading benchmark EGX 30 rose by 0.84 percent on Wednesday, to trade at 14,093.40 at the close, supported higher by advances across most sectors, with healthcare and industrial sectors being the expectations.

Looking at the movers of the session, leading the table was Wadi Kom Ombo for Land Reclamation, Suez Canal Co. for Technology Settling, and Shorouk for Modern Printing & Packaging; surging by 10.06 percent, 9.79 percent, and 9.62 percent, respectively.  

In retrospect, National for Housing for Professional Syndicates filled the bottom spot dropping by 13.33 percent, followed by Pyramisa Hotels & Resorts which lost 8.39 percent at the close.

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