INGOT Brokers AU | MENA market report (2017-06-21)

MENA market report (2017-06-21)

MENA markets are still suffering due to the recent political events and the decline in oil prices, where oil reached the lowest price since two decades.
Saudi Arabia stock Market reached the highest level since Aug, 2015, as investors were optimistic regarding to appoint the architect of Saudi Arabia’s economic reforms as crown prince. Where, the new crown prince is considering as a catalyst to reduce kingdom’s dependence on oil exports.
Moreover, the business Partner of Trump Organization in Dubai, Signed an agreement with Oman Tourism Development Co. to help develop a waterfront project in Oman valued at $1 billion.
Furthermore, Qatar market is still surviving after the political issues that weight on the country, Qatar’s index ended Tuesday’s session down by 1.75 percent reaching 8,777.73 points. Qatar stock exchange said that, the Emirati, Saudi and Bahraini’s investors led Qatar’s shares to drive down due to the diplomatic crises between Qatar and other Arab’s Countries.

•    Saudi Arabia Stock Market

Saudi Arabia’s equity market witnessed it best single day performance since August 2015, with its Tadawul all shares index surging by 5.50% or 382.20 points settling higher at 7,334.87 despite the sharp declines in Oil prices.
This large gain was supported by the appointment of Prince Mohammed bin Salman the crown prince of the country, the architect of the kingdom's economic reforms, as well as the news regarding that Morgan Stanly International Capital would consider upgrading Saudi Arabia to emerging market status thus attract tens of billions of dollars of fresh foreign money as the country seeks to diversify its economy beyond oil.
Moreover, over news that raised the bullish sentiment throughout the market led the market sectors significantly higher especially for Consumer Non-Cyclicals, Financials and Utilities sectors. 
Today’s gainers on Tadawul all shares significantly outnumbered the few losers with 154 gainers, 11 lose and 8 unchanged.
The best performers of the session on the Tadawul All Share were, Samba Financial Group SJSC surging by 10.26%, Emaar The Economic City SJSC adding 1.38 points and National Commercial Bank SJSC closing 10.04% higher at 50.40.
The worst performers of the session were Salama cooperative Insurance Co which fell 2.25% to trade at 16.50 at the close. Al Ahlia for cooperative Insurance declined 1.16% to end at 10.26 and Tihama Advertising and Public Relations and Marketing Holding SJSC was down 1.08% to 32.00.

•    United Arab Emirates Stock Market

United Arab Emirates Equities were mixed as the gains generated by Telecoms, Consumer Staples and Transport sectors, and after the losses generated by Finance and Investment, Services and banking sectors. DFM fell by 0.98% to close at 3418.30, while ADX rose by 0.07% to close at 4459.05.
Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 32 to 3 and 3 ended unchanged; on the Abu Dhabi, 14 fell and 8 advanced, while 6 ended unchanged. 
The best performers of the session on the DFM General were ARAMEX PJSC which rose 0.78% to trade at 5.150 at the close. Meanwhile, Emirate Integrated Telecom Co PJSC unchanged at 5.330 and National Cement Company P.S.C. was also unchanged at 3.00.
The worst performers of the session were Mashreq bank PSC which fell 9.21% % to trade at 69.00 at the close. SHUAA Capital PSC declined 8.33% to end at 1.210 and Drake & Scull International PJSC was down 5.50% to 0.395.
The top performers on the ADX General were Dana Gas which rose 6.15% to 0.690, Natl Bk Of Rak which was up 5.58% to settle at 4.54 and Gulf Pharm Ind which gained 4.35% to close at 2.400.
The worst performers were Methaq which was down 4.55% to 0.840 in late trade, Union Cement which lost 3.85% to settle at 1.250 and Int Fish Farmi which was down 3.29% to 1.47 at the close.

•    Egypt Stock Market

The Egyptian stock market was mostly lower on today’s trading session, with its index EGX30 falling by 0.29% or 39.11points to ending above the seesion’s low and slightly recovering from the sharp decline in early trading ours as falling oil prices weighted on the global markets.
These loses were led by the declines in the Telecommunications Services and Financials sectors but the losses were limited by the relatively large gains in Consumer Non-Cyclicals and Industrials sectors. 
Today’s losers on the EGX30 outnumber the gainers by 7 shares with 17 losers, 10 gainer and 3 flat stocks. 
The best performer of the session on the EGX 30 were, El Sewedy Electric Co SAE rising by 3.33%, Eastern Co SAE adding 7.91 points and Amer Group Holding Co SAE settling 2.36% higher at 0.39.
The worst performers of the session on the EGX 30 were, Orascom Telecom Media and Technology Holding SAE plummeting by 4.29%, Juhayna Food Industries SAE 0.19 points and Orascom Construction Ltd ended 1.50% lower at 121.25.

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