INGOT Brokers AU | MENA market report (2017-05-16)

MENA market report (2017-05-16)

  • Saudi Arabia Stock Market

Supported by the gains in the Building & Construction, Media & Publishing and Petrochemicals sectors, Saudi Arabia’s stock market rose by 0.7% to close at 6,940.48 points on Tuesday’s trading session.

Rising stocks beats declining ones on the Saudi Arabia Stock Exchange by 117 to 36 and 25 ended unchanged.

Tadawul’s best performers of the session were Abdullah A. M. Al-Khodari Sons Co which rose 10.40% or 1.05 points to trade at 11.15 at the close. Meanwhile, Al Sorayai Trading&Industrial Group added 9.47% or 0.80 points to end at 9.25 and Alinma Tokio Marine Co was up 4.96% or 1.30 points to 27.50 in late trade.

While the worst performers of the session were Nama Chemicals Co. which fell 7.28% or 1.52 points to trade at 19.35 at the close. Saudi Fisheries Co. declined 2.59% or 0.70 points to end at 26.30 and Bupa Arabia for Coop. Insurance was down 1.96% or 2.25 points to 112.75.

  • United Arab Emirates Stock Market

Furthermore the United Arab Emirates’ stock markets closed Tuesday’s session in mixed territories, with DFM General Index dropping by 0.03% reaching a new 3-month low while ADX General Index was up 0.39%.

The losses in the Services, Transport and Real Estate & Construction sectors drove the index down especially the losses in the shares of Marka Pjse which fell to all-time lows after declining 9.97% to close at 0.71, in addition shares in Arabtec Holding reached a 5-year low after falling 5.51% to close at 0.72. However the gains in the Consumer Staples, Telecoms and Insurance sectors reduced the effect of the losses.

Failing stocks outnumbered rising ones on the Dubai Stock Exchange by 20 to 14 and 3 ended unchanged; on the Abu Dhabi, 14 advanced and 7 declined, while 10 ended unchanged.

DFM’s best performers of the session were SHUAA Capital PSC which rose 4.96% or 0.070 points to trade at 1.480 at the close. Meanwhile, Gulf General Investments Company added 4.17% or 0.016 points to end at 0.400 and DXB Entertainments was up 3.52% or 0.029 points to 0.854 in late trade.

And ADX’s General Index top performers were Rak Cement Co which rose 8.97% to 0.850, National Corp Tourism Hotels which was up 6.12% to settle at 2.60 and Ad Shipbldg Co which gained 3.13% to close at 2.640.

Meanwhile DFM’s worst performers of the session were Marka Pjse which fell 9.97% or 0.08 points to trade at 0.71 at the close. Arabtec Holding PJSC declined 5.51% or 0.042 points to end at 0.720 and Dubai Islamic Insurance Co. was down 5.21% or 0.039 points to 0.710.

Moreover ADX’s worst performers of the session were Bank Of Sharja which was down 9.03% to 1.310 in late trade, Gulf Cement Co which lost 4.95% to settle at 0.9600 and Gulf Pharm Ind which was down 4.18% to 2.290 at the close.

  • Egypt Stock Market

Egyptian Stock market gained 0.6 percent after reaching the highest trading volume since January. Egypt main stock index closed at 12,937 points on Tuesday’s trading session.

Furthermore, the market faced a surprising news which came from MSCI which said that it would include EFG Hermes (HRHO.EG) in its MSCI Egypt Index, however it published that it could remove real estate developer Talaat Mostafa Group (TMGH.EG) from the index after giving the company a downgrade to be included in the small-cap index, these changes will be effective starting the 1st of June, 2017.

Moreover, the top performance in today’s trading session were Porto Group Holding SAE, EFG Hermes Holdings, Sixth of October Development and Investment Company, Eastern Co SAE and Ezz Steel Co with their gains ranging between 2.38% and 13.33%

On the other hand, Talaat Mostafa Group, Credit Agricole Egypt , Arabian Food Industries, Juhayna Food Industries and Global Telecom Holding for financial investments fell between 2.26% and 9.77%.

Rising stocks outnumbered declining ones on the Egypt Stock Exchange by 14 to 13 and 3 ended unchanged.

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