INGOT Brokers AU | MENA market report (2019-02-06)

MENA market report (2019-02-06)

MENA stock markets ended Wednesday’s session mostly higher, as Saudi Arabia, Abu Dhabi, Dubai, Bahrain, and Egypt shares added some gains to finish the session in the green, while Qatar’s shares were pulled down by its banking shares.

Qatar shares closed the session in the red, where Doha main index QSI fell by 0.29 percent or 31.35 points to close at 10,683.94 pressured by Telecommunications Services, Healthcare, and Financials sectors. Meanwhile, Mesaieed Petrochemical Holding Co QSC was the top gainer rising by 2.56 percent. On the other hand, Ooredoo QPSC was the worst performer dropping by 3.92 percent.

On the other hand, Bahraini shares were up on today’s session with the primary Bahraini index BAX advancing by 0.37 percent or 5.126 points to end the session in the green at 1,408.814 supported by gains in Industrials, Telecommunications Services, and Financials sectors.

On the energy front, WTI Oil prices rose by approximately one percent on today’s session to trade at 54.26 USD per barrel at 15:00 GMT after weekly government data revealed that there is a drop-in inventory of some fuels. Moreover, Brent Oil prices rose to trade at 62.44 USD per barrel at 15:00 GMT.


Saudi Stock Market:

Saudi Arabia's TASI rose by 0.11 percent or 9.41 points to close Wednesday’s session at 8,633.33 supported by the improvement in Basic Materials and Financials sectors which rose by 0.36 and 0.35 percent respectively.

In the corporate space, Insurance provider United Cooperative Assurance Co surged by 6.3 percent after the Council of Cooperative Health Insurance renewed its license for one year. Furthermore, Saudi Investment Bank rose by 1.4 percent and the firm appointed Faisal Bin Abdullah al-Omran as its Chief Executive on Tuesday.

On the other hand, Al-Etihad Cooperative Insurance CO was the worst performer of the session declining by 5.29 percent.


United Arab Emirates Stock Market:

United Arab Emirates’ shares closed today’s trading session higher, as both Abu Dhabi Main index ADI and Dubai Financial Market General Index improved and added some gains to close the session in the green.

Abu Dhabi equities closed today’s session higher, with Abu Dhabi’s leading benchmark ADI rising by 0.12 percent or 5.937 points to close at 5,143.239, supported by Consumer Cyclicals and Telecommunications Services sectors.

In stock news, Abu Dhabi National Hotels Co PSC was the top performer of the session adding 5.77 percent while Methaq Takaful Insurance Co PJSC was the worst performer declining by 6.27 percent.

In Dubai, the index rose by 0.56 percent or 14.19 points, supported by improvement in Utilities, Industrials, and Financials sectors.

In stocks news, Damac Properties Dubai Co PSC was the top gainer of the session adding 3.15 percent after HSBC raised its rating to 'hold' from 'reduce.

On the other hand, Emaar Development was the worst performer declining by 6.32 percent.

Meanwhile, the largest bank in Dubai Emirates NBD called for a shareholders meeting on 20th of February 2019 to discuss the issuance of multi-billion Dirham non-convertible securities.


Egypt Stock Market:

Egyptian shares were higher on Wednesday’s session where EGX30 added 0.23 percent or 33.48 points to close at 14,766.59.

In economic news, the Minister of Finance announced the economic indicators of the first half of fiscal year 2018/19 and stated that unemployment rate fell from ten percent in Q3/2018 of 2018 to 8.9 percent in Q4/2018.

In stock news, Juhayna Food Industries SAE rose by 4.42 percent followed by Madinet Nasr for Housing and Development SAE which added 2.86 percent.

On the other hand, Ezz Steel Co SAE was the worst performer in the session declining by 4.35 percent.

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