INGOT Brokers AU | MENA market report (2017-06-08)

MENA market report (2017-06-08)


Equity markets in the MENA region finished Thursday’s in mixed territory, with political tension among GCC states, with Saudi Arabia, together with the United Arab Emirate, Bahrain and Egypt cut ties with Qatar early this week.

Qatari equity markets gained some lost ground on Thursday after suffering a 7 percent decline early in the week, large gains in Basic Martials, Healtcare, and Energy sector push the market upward. As such Qatar exchange Index surged by 3.04 percent to trade at 9,237.68 at the close.       

Elsewhere Kuwait’s Main benchmark Boursa Kuwait 15 index rose 0.44 percent to trade at 906.77 up from 902.76 in the previous session. Meanwhile in Oman, Muscat Se General Index ended the session lower by 0.42 percent to settle at 5,354.770 at the close.


•             Saudi Arabia Stock Market


Saudi equities settled slightly lower influenced by the sudden drop in Oil prices, as losses in Utilities, Industrials and Consumer Cyclicals with Saudi Arabia’s stock market index falling by 1.17 percent to close at 6,865.48 down from previous session close of  6,946.42.

Today’s losers largely outnumbered the gainers by 140 shares, with 11 gainers, 151 losers and 11 unchanged.

The best performers of the session on the Tadawul All Share Index were, Etihad Atheeb Telecommunication Co SJSC that rose by 3.91 percent or 0.35 points to trade at 14.30 at the close. Meanwhile, Arabia Insurance Cooperative Co SJSC added 2.29 percent or 0.32 points to end at 14.30 and Saudi Chemical Co SJSC was up by 1.49 percent or 0.55 points to 37.45 in late trade.

The worst performers of the session on the Tadawul All Share Index were Malath Cooperative Insurance Company SJSC that fell by 4.11 percent or 0.76 points to trade at 17.74 at the close. Red Sea International Co declined by 4.05 percent or 0.90 points to end at 21.30 and Saudi Industrial Export Co SJSC was down 3.97 percent or 1.15 points to 27.85.


•          United Arab Emirates Stock Market


Market in the United Arab Emirates End the session on mixed notes, as Abu Dhabi Securities Exchange index finished higher. On the other hand, Dubai’s DFM end the session slightly lower.

Abu Dhabi Securities Exchange index closed in the green as gains in Energy, Utilities and Basic Materials sectors led the index higher, as such the index rose by 0.50 percent to end the session at 4,476.57.

Meanwhile, Dubai Financial Market General Index traded lower at the close, prices were pushed down by losses in Consumer Cyclicals, Consumer Non-Cyclicals and Financials sectors. The index was down by 0.17 percent to finish at 3,400.10.   

Falling stocks outnumbered the rising ones on the Dubai Stock Exchange by 12 to 8 and 16 ended unchanged; while on the Abu Dhabi Stock Exchange, 13 declined and 9 advanced, while 39 ended unchanged.

The best performers of the session on the Abu Dhabi Exchange General Index were, Dana Gas PJSC which rose 3.92 percent  or 0.02 points to trade at 0.53 at the close. Meanwhile, Abu Dhabi National Energy Co PJSC added 3.64 percent or 0.02 points to end at 0.57 and International Fish Farming Holding Co PJSC was up 3.64 percent or 0.04 points to 1.53 in late trade.

The worst performers of the session on the Abu Dhabi Exchange General Index were, Commercial Bank International PSC  which fell 8.97 percent or 0.13 points to trade at 1.32 at the close. Abu Dhabi Ship Building PJSC declined 8.92 percent or 0.24 points to end at 2.45 and Al Khazna Insurance Company PSC was down 5.00 percent or 0.02 points to 0.38.

On the other hand, the best performers of the session on the DFM General Index were Drake and Scull International PJSC which rose 4.25 percent to 0.417, Gulf General Investment Co PSC which was up 2.90 percent to settle at 0.417 and Deyaar Development PJSC added 1.80 percent to close at 0.510.

The worst performers of the session on the DFM General Index were, Dubai Islamic Insurance and Reinsurance Co PSC which was down 2.48 percent to 0.905 in late trade, Amlak Finance PJSC which lost 2.35 percent to settle at 0.954, First DXB Entertainments PJSC which was down 2.22 to 0.750 at the close.


•          Egypt Stock Market


Heavy gains in the Consumer Non-Cyclical, Financials and Industrials sector led prices upwards, the index settled higher on Thursday.

The Egyptian stock market index EGX30 rose by 0.37 percent to end at 13,683.66.

Today’s gainers outnumbered the losers by 16 to 11 with 3 share was left unchanged.

The best performers of the session on the EGX 30 were, Arabia Cotton Ginning Co SAE that rose by 4.26 percent to end the session at 4.90, Qalaa Holdings SAE added 3.66 percent or 0.03 points to settle at 0.85 and Emaar Misr for Development SAE was up by 3.64 percent to trade at 2.85 at the close.

The worst performers of the session on the EGX 30 were, Pioneers Holding Company for Financial Investments SAE shedding 1.86 percent or 0.17 point to trade at 8.98, followed Sixth of October Development and Investment Co SAE dropping 1.78 percent or 0.27 points to end at 14.90 and Juhayna Food Industries SAE ended 1.66 percent lower to settle at 8.30.

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