MENA stock markets closed Thursday’s session lower, as Saudi Arabia, Abu Dhabi, Dubai, Qatar, and Egypt shares suffered some losses to finish the session in the red, while Bahrain shares closed the session in the green due to the gains in its banking sector.
Qatar shares closed the session in the red, where Doha main index QSI fell by 1.67 percent or 178.75 points to close at 10,505.19 pressured by losses in most of its sectors especially the Basic Materials, Energy and Industrials sectors. Furthermore, United Development Company QPSC was the worst performer dropping by 6.75 percent followed by Qatar Gas Transport Co Ltd that declined by 4.57 percent.
On the other hand, Bahraini shares were up on today’s session with the primary Bahraini index BAX advancing by 0.66 percent or 9.286 points to end the session in the green at 1,418.1 supported by gains in Financials and Telecommunications Services sectors.
On the energy front, WTI Oil prices fall by approximately four percent on today’s session to trade at 52.29 USD per barrel at 17:00 GMT after the market confronted concerns that global demand growth would lag in the coming year. Moreover, Brent Oil prices fell to trade at 60.9 USD per barrel at 17:00 GMT.
Saudi Stock Market:
Saudi Arabia's TASI declined by 0.24 percent or 20.49 points to close Thursday’s session at 8,612.84 pressured by losses across most sectors, but the gains in the banking sector minimized these losses.
In the corporate space, Saudi Steel Pipes Company SJSC surged by 4.55 percent followed by Kingdom Holding Co that added 3.61 percent.
On the other hand, Allied Cooperative Insurance Group SJSC was the worst performer of the session declining by 3.78 percent.
United Arab Emirates Stock Market:
United Arab Emirates’ shares closed today’s trading session lower, as both Abu Dhabi Main index ADI and Dubai Financial Market General Index declined and suffered some losses to close the session in the red.
Abu Dhabi equities closed today’s session lower, with Abu Dhabi’s leading benchmark ADI falling by 0.6 percent or 31.091 points to close at 5,112.148, pressured by losses across most sectors.
In stock news, Methaq Takaful Insurance Co PJSC was the top performer of the session adding 6.24.
On the other hand, Waha Capital, National Marine Dredging PSC, Abu Dhabi National Takaful Co PSC, and Gulf Cement were the worst performers of the session suffering a 10 percent decline each.
In Dubai, the index fell by 0.56 percent or 14.34 points, pressured by the decline in Consumer Cyclicals and Utilities sectors.
In stocks news, Emirates NBD Bank PJSC was the top gainer of the session adding three percent.
On the other hand, Emirate's largest listed developer Emaar Properties fell by 2.7 percent.
Egypt Stock Market:
Egyptian shares were lower on Thursday’s session where EGX30 fell by 0.09 percent or 12.91 points to close at 14,753.68 after country's biggest lender Commercial International Bank (COMI) dropped by 0.5 percent after four straight sessions of gains.
In stock news, Gains in multiple sectors were not enough to offset the losses in Financials and Telecommunications services sectors. Furthermore, Ezz Steel Co SAE rose by 3.45 percent while Global Telecom Holding SAE was the worst performer dropping by 1.92 percent.
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