INGOT Brokers AU | MENA market report (2017-06-20)

MENA market report (2017-06-20)

MENA markets are still pressured by the recent political events and the downtrend in oil prices, however Saudi Arabia market is currently dealing with another factor that caused some harms to its performance.

Saudi Arabia traders were optimistic regarding the positive news of possible inclusion in the MSCI emerging market index which if happened could bring tens of billions of dollars of foreign money, but the comments made by Mr. Mohammed El-Kuwaiz, the vice chairman of the Capital Market Authority on Monday that he is expecting the inclusion by the end of 2018, have put pressure on the markets causing the index to end 2.4 percent lower. This downtrend continuo on today’s trading session pushing the index down by 1.3 percent driven by the huge declines in the banking sector.

Moreover, United Arab Emirates markets closed in the red with Dubai index falling 0. Percent and Abu Dhabi index dropping 0.8 percent, the Dubai index fell after the loses in its most heavily traded stock Drake & Scull which fell 3 percent after saying it had obtained regulatory approval to start a capital restructuring after heavy losses.

Furthermore, Qatar market is still surviving after the political issues that weight on the country, Qatar’s index ended Tuesday’s session down by 1.5 percent reaching its lowest point since January 2016 to close at 8,934 points. Some investors have been hoping for diplomatic resolution but a top United Arab Emirates official said on Monday that Qatar's isolation could last for years.


Saudi Arabia Stock Market

Tadawul all shares index ended today’s session down by 1.3 percent driven by the losses in the Financial Services, Transport and Hotels & Tourism sectors

Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 122 to 49 and 6 ended unchanged.

The best performers of the session on the Tadawul All Share were Tihama Advertising&Public Relations which rose 5.72% or 1.75 points to trade at 32.35 at the close. Meanwhile, National Industrialization Co added 2.53% or 0.34 points to end at 13.78 and National Agriculture Marketing Co. was up 2.10% or 0.65 points to 31.55 in late trade.

The worst performers of the session were Samba Financial Group which fell 4.86% or 1.16 points to trade at 22.72 at the close. The Saudi British Bank declined 4.71% or 1.20 points to end at 24.30 and Arab National Bank was down 4.39% or 0.92 points to 20.04.

•          United Arab Emirates Stock Market


United Arab Emirates markets closed in the red after the loses in the Insurance, Real Estate & Construction and Consumer Staples sectors

Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 25 to 8 and 5 ended unchanged; on the Abu Dhabi, 16 fell and 8 advanced, while 7 ended unchanged.

Declining stocks outnumbered the rising ones on the Dubai Stock Exchange by 18 to 13 and 8 ended unchanged; while on the Abu Dhabi Stock Exchange, 11 advanced and 8 declined, while 5 ended unchanged.

The best performers of the session on the DFM General were National Central Cooling Co. which rose 3.77% or 0.080 points to trade at 2.200 at the close. Meanwhile, Marka Pjse added 1.33% or 0.01 points to end at 0.76 and Damac Properties Dubai Co PSC was up 1.01% or 0.030 points to 2.990 in late trade.

The worst performers of the session were Takaful Emarat PSC which fell 3.78% or 0.090 points to trade at 2.290 at the close. Drake & Scull International PJSC declined 3.02% or 0.013 points to end at 0.418 and SHUAA Capital PSC was down 2.22% or 0.030 points to 1.320.

On the other hand, the top performers on the ADX General were Nat Bk Qaiwain which rose 5.45% to 2.90, Insurance House which was up 3.75% to settle at 0.830 and Methaq which gained 3.53% to close at 0.880.

The worst performers were United Arab Bk which was down 6.67% to 1.400 in late trade, Dana Gas which lost 4.41% to settle at 0.650 and Sharjah Islami which was down 4.35% to 1.320 at the close.

•          Egypt Stock Market


The Egyptian stock market was in the red during today’s trading session, with its index EGX30 falling by 0.69% or 92.84 points to settle lowest point since the first of June 2017 at 13,415.55 down from 13,492.57.

These loses were led by the huge declines in the Consumer Non-Cyclicals that shaded by 5% followed by Telecommunications Services and Consumer Cyclicals sectors.

Today’s losers on the EGX30 significantly outnumber the gainers by 3 to 1 ratio with 21 losers, 7 gainer and 2 unchanged.

The best performer of the session on the EGX 30 were, Orascom Construction Ltd rising by 1.27%, Egyptian Iron and Steel Co SAE adding 0.04 points and Ezz Steel Co SAE settling 0.57% higher at 21.30.

The worst performers of the session on the EGX 30 were, Orascom Telecom media and Technology Holding SAE plummeting by 15%, Eastern Co SAE dropping 19.99 points and Emaar Misr for Development SAE ended 3.23% lower at 2.72.


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