MENA stocks ended Tuesday’s session on mixed notes, as Bahrain, Abu Dhabi and Dubai shares suffered some losses to finish the session in the red, while Saudi Arabia's shares rose as major banks advanced on recovering oil prices. Also, Egypt's blue-chip index hit a five-month high.
Meanwhile, Qatar stock exchange was closed on today’s session due to the National Sports Day Holiday.
Bahraini shares closed the session in the red, where Bahraini index BAX fell by 0.66 percent or 9.204 points to close at 1,389.446 pressured by the losses in Basic Materials and Financials sectors.
On the energy front, WTI Oil prices gained more than two percent on today’s session to trade at 53.54 USD per barrel at 17:00 GMT, supported by OPEC-led production cuts, and Saudi Arabia said it would surpass by more than half a million barrels per day, in addition to the U.S. sanctions against Iran and Venezuela. Moreover, Brent Oil prices rose to trade at 62.83 USD per barrel at 17:00 GMT.
Saudi Stock Market:
Saudi Arabia's TASI gained by 0.67 percent or 56.93 points to close Tuesday’s session at 8,600.32 supported by gains in all sectors.
In the corporate space, Al Gassim Investment Holding Co SJSC surged by 9.49 percent followed by Al Rajhi REIT that added 5.71 percent.
On the other hand, Eastern Province Cement Co SJSC was the worst performer in the session, declining by 5.83 percent.
In economic news, Saudi Arabia, the world's top oil exporter and the leader of OPEC, said it would reduce crude production to around 9.8 million bpd in March, over half a million bpd more than it initially pledged.
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 fell on today’s session, with Abu Dhabi’s leading benchmark ADI dropping by 0.44 percent or 21.969 points to close at 5,024.495, pressured by the losses in Healthcare, Industrials, and Utilities sectors.
In stock news, Methaq Takaful Insurance Co PJSC was the top performer of the session, surging by 9.77 percent.
On the other hand, Abu Dhabi Aviation plunged by 6.8 percent. The firm had reported a full-year net profit attributable to shareholders of 231.4 million Dirhams, down from 243.6 million Dirhams a year earlier, followed by Aldar Properties that dropped by 3.4 percent and Union National Bank that tumbled by 0.8 percent. Meanwhile, Union National reported a 28 percent drop in its full-year net profit after the market close.
In Dubai, the index lost 0.46 percent or 11.55 points, pressured by the decline in Consumer Cyclicals and Financials sectors.
In stocks news, Aramex PJSC was the top gainer of the session adding 2.68 percent.
On the other hand, Emaar Properties fell by one percent, and Builder Arabtec dropped by 3.8 percent ahead of a board meeting later on Tuesday to discuss full-year results.
Egypt Stock Market:
Egyptian shares were higher on Tuesday’s session, where EGX30 rose by 0.97 percent or 142.82 points to touch its highest price since September 2018, to close at 14,927.64, supported by all sectors.
In stock news, Ezz Steel Co SAE was the top performer in the session adding 4.08 percent, followed by Orascom Investment Holding SAE which rose by 3.32 percent.
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