INGOT Brokers Australia | MENA market report (2017-05-24)

MENA market report (2017-05-24)

•             Saudi Arabia Stock Market

Losses in the Multi Investment, Industrial Investment and Telecoms & IT sectors drove the Saudi Arabia’s stock market down by 0.50% to close at 6,901 points On Wednesday’s trading session. In addition the market was pressured by low trading volumes due to the upcoming holy month of Ramadan.

The losers significantly outnumbered the gainers on the Saudi Arabia Stock Exchange by 136 to 22 and 20 ended unchanged.

The best performers of the session on the Tadawul All Share Index were, Ash Sharqiyah Development Co SJSC rising by 4.08%, Fawaz Abdulaziz Alhokair Co SJSC adding 0.90 points and Arabia Insurance Cooperative Company SJSC settling 1.52% higher at 13.32.

The worst performers of the session on the Tadawul All Share Index were, Emaar the Economic City SJSC plummeting by 7.26%, Middle East Paper Co SJSC dropping 0.9 points and Mouwasat Medical Services Co SJSC ended 4.70% lower at 143.00.

 

•          United Arab Emirates Stock Market

Furthermore the United Arab Emirates’ stock markets closed lower in Wednesday’s session, with DFM General Index falling by 0.63% reaching a new 3-month low while ADX General Index fell 0.3%.

The losses in the Consumer Staples, Finance & Investment and Banking sectors drove the index down, also the index faced a lot of pressure from the decline in Emaar Malls shares which fell 1.9 percent after the news of the possible merge with e-commerce fashion website Namshi from Global Fashion Group a startup company.

Falling stocks outnumbered rising ones on the Dubai Stock Exchange by 20 to 13 and 2 ended unchanged; on the Abu Dhabi, 12 fell and 8 advanced, while 9 ended unchanged.

The best performers of the session on the DFM General Index were, Dar Al Takaful PJSC rising by 2.91%, Dubai Islamic Insurance and Reinsurance Company PSC adding 0.016 points and Shuaa Capital PSC settling 2.07% up at 1.48.

The worst performers of the session on the DFM General Index were, DXB Entertainments PJSC falling by 3.10%, National Central Cooling Company PJSC dropping 0.05 points and Emaar Malls Group PJSC ended 1.90% lower at 2.580.

On the other hand, the best performers of the session on the Abu Dhabi Exchange General Index were, Commercial Bank International PSC surging by 12%, Ras Al Khaimah Cement Company PSC adding 0.07 points and RAK Properties PJSC settling up by 3.45%.

The worst performers of the session on the Abu Dhabi Exchange General Index were, National Bank of Umm Al Qaiwain PSC plummeting by 9.70%, Abu Dhabi Ship Building PJSC dropping 0.26 points and Umm Al Qaiwain General Investment Co PSC ended 9.55% lower at 1.61.

•          Egypt Stock Market

Egypt stock market rose 0.7 percent as it continued its rebound from a sharp fall on Monday that was caused by the central bank's unexpected interest rate hike to fight inflation.

The market saw an uptrend in the banking sector due to the rate hike which is expected to raise the net interest margins of the banks.

The best performer of the session on the EGX 30 were, Orascom Construction Ltd rising by 5.58%, El Sewedy Electric Co SAE adding 3.58 points and Egyptian Resorts Co SAE settling 3.09% higher at 1.00.

The worst performers of the session on the EGX 30 were, Sidi Kerir Petrochemicals Co SAE shading 7.83%, Oriental Weavers Carpet Co. SAE dropping 0.41 points and Ezz Steel Co SAE ended 1.76% lower at 19.01.

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