INGOT Brokers AU | MENA market report (2019-01-31)

MENA market report (2019-01-31)

Mena stock markets traded on mixed territories at the close on Thursday, as Saudi Arabia was dragged lower by the banking sector, while Dubai market traded in the green supported by positive earnings.

Bahrain’s stock market retreated as losses in the Basic materials sector pressured the broader market; Manama’s leading index BAX lost 0.07 or 1.04 points to end the session at 1,391.41.

On the other hand, Qatar’s main index traded at unchanged levels, as Doha's QSI index edged higher by 0.01 percent or 0.91 points to trade at 10,720.31 at the close, as loses in the Basic Materials sector were offset by gains in the Telecom and utility sectors.

In the Energy Space, Oil prices advanced for the third day in a row, supported by the signs that the U.S. will lower its imports for oil to tighten the market.

U.S. WTI crude futures were trading at $55.18 per barrel at 15:00 GMT. Meanwhile, International Brent crude oil futures traded at $62.20 per barrel at 15:00 GMT

 

Saudi Stock Market

Saudi Arabia’s shares ended today’s session in lower territories, Riyadh’s leading benchmark TASI fell by 0.28 percent to trade at 8,559.95 at the close, The index was heavily pressured by Al Rajhi Bank and Saudi Basic Industries as both fell by 1.2 percent and 0.5 percent, respectively.

In the corporate space, National Shipping Company of Saudi Arabia saw its share price tumble by 2.5 after its reported fourth-quarter net profit dropped by more than 50 percent.

In other news, Saudi Arabia is set to join the emerging-market indexes of MSCI and FTSE Russell later this year. Expectations suggest that joining these indexes will attract $15 billion of "passive" benchmark-linked funds and billions more in active funds.

 

United Arab Emirates Stock Market

UAE shares ended today’s trading session on positive notes supported by gains in the financial sectors.

Abu Dhabi equities finished today’s session higher, as the country’s main index ADI advanced by 0.8 percent or 40 points to settle at 5,044.85.

In stocks news, First Abu Dhabi Bank gained 1.1 percent after the firm reported a 3.9 percent increase its fourth-quarter profit of 2.93 billion Dirhams and raised its foreign ownership limit to 40 percent from 25 percent.

Moreover, Abu Dhabi Commercial Bank added 3.7 percent. ADCB, Union National Bank and Al Hilal Bank agreed on a merger to create the third-largest bank in the United Arab Emirates, with $114 billion of assets.

Meanwhile, in Dubai, the city’s leading benchmark DFM index also settled higher on today’s session, rising by 1.14 percent to trade at 2,567.59.

The index found support form earnings announcements as Deyaar Development was the session’s top performer as its share rose by 3.3 percent after reporting a 7.4 percent increase in its full-year profit.

 

Egypt Stock Market

Egypt’s leading benchmark EGX 30 rose by 0.24 percent on Thursday, to trade at 14,126.68 at the close, supported by the Consumer Non-Cyclicals sectors.

In stocks news, Palm Hills Developments was the session’s top performer surging by 5.8 percent followed by Ezz Steel which rose by 4.7 percent after HC Research upgraded the stock to "overweight" with a price target of 27 Egyptian pounds.

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