INGOT Brokers AU | MENA market report (2017-07-03)

MENA market report (2017-07-03)


MENA markets ended Monday’s session on mixed territories as the Political turmoil in the region continues to weigh on markets.

On Monday, the four Arab nations that agreed to cut diplomatic ties with Qatar after accusing Doha of supporting terrorism, the nations agreed to prolong the deadline at which Qatar has to comply with their list of  demands, the deadline was extended till late Tuesday. Reports also suggest that four countries (Saudi Arabia, United Arab Emirates, Bahrain and Egypt) could impose additional sanction on the Doha if it does not conform to their demands.

Saudi Arabia stock market edged higher late in the session helped by gains in Petrochemicals, Tasi index edged higher by 0.10 percent late in the session after falling by nearly 1.7 percent during Monday’s trading day. Tadawul FF Index gained for the fourth consecutive session by the end of the day.

On the other hand, Equity Market recovered some lost in ground on Monday’s session to close higher by 1.30 percent after losing 2.3 percent in the previous session. The Doha index saw support from fund as they were net buyers of the benchmark for the third consecutive session. However, Local and gulf funds were net sells on Monday’s session.

Elsewhere in the United Arab Emirates, Equity markets finished the session on mixed notes.

Abu Dhabi securities exchange index end the session in the red despite the large support from rise in oil prices and massive gains in the energy sector.  The largest gainer of the session Dana gas rose by 6.06 percent in session after the management said they rescheduled a telephone call with investor to Thursday; the telephone will be in regards to their outstanding 700 million dollars of sukuk.

Reports from the company suggest that it will exchange the current instrument for a newer one with lowers rates, thus having a positive impact on the firm earning as it will have fewer coupon cash payments.

Meanwhile in Dubai, DFM index rose by 1.2 percent finding support from Financial and real-state as GFH financial climbed 6.3 percent and Damac Properties soaring by 7.48 percent.

Over in Africa, the Egyptian stock market fell by 0.42 percent after a recent poll published by Reuters show that funds are turning bearish on equities in Egypt.                


  • Saudi Arabia Stock Market


KSA stocks were higher on Monday as the profits generated from Utilities & Consumer Cyclicals, Financial and industrial sectors.

Today’s gainers on Tadawul all shares outnumbered the losers with 117 gainers, 48 losers and 8 unchanged.

The best performers of the session on the Tadawul All Share were Al Baha Investment and Development Company SJSC that rose by 9.96% to trade at 20.98 at the close. Meanwhile, Saudi Research and Marketing Group SJSC added 9.95% to settle at 35.90 and Saudi Automotive Services Co SJSC surged by 9.33% to finish at 18.04 in late trade.

The worst performers of the session were Mouwasat Medical Services Co SJSC, which fell 5.06% to trade at 150.00 at the close. Dallah Healthcare Co declined 3.21% to end at 108.40 and Dar Al Arkan Real Estate Development Company SJSC was down 2.55% to trade at 6.49 at the close.


  • United Arab Emirates Stock Market


United Arab Emirates Equities were mixed as Market is Dubai were higher, while Markets in Abu Dhabi finished lower

Equities in Dubai ended the session higher as DFM index rose by 1.22 percent to trade at 3,424.69 as gains generated by Consumer Non-Cyclicals, Consumer Cyclicals and Financials sector led share higher. Meanwhile Equites in Abu Dhabi were in the red as its main benchmark ADI index fell by 0.66 percent to trade at 4,414.45. The index was pressured down by losses in industrial and Financials Sectors.

Advancing stocks outnumbered falling ones on the Dubai Stock Exchange by 19 to 5 and 12 ended unchanged; on the Abu Dhabi, 9 fell and 8 advanced, while 44 ended unchanged.

The best performers of the session on the DFM General were Damac Properties Dubai Co PSC., which rose 7.48% to trade at 3.450 at the close. Meanwhile, Dubai Islamic Insurance and Reinsurance Co PSC added 6.00% to end at 0.901 and Islamic Arab Insurance Co PSC was up 4.43% to 0.433 in late trade.

The worst performers of the session were Emaar Malls Group PJSC, which fell 2.43% to trade at 2.410 at the close. Amanat Holdings PJSC declined 1.74% to end at 1.130 and Ajman Bank PJSC was down 0.88% points to 1.130.

The top performers on the ADX General were Dana Gas PJSC that surged 6.06% to last trade at 0.70, Ras Al Khaimah Cement Co PSC which was up 3.90 % to settle at 0.80 and International Fish Farming Holding Co PJSC which gained 3.57% to close at 1.45.

The worst performers of the session were National Bank of Fujairah PJSC, which tumbled 8.81% to trade at 3.00 at the close. Trailed by Abu Dhabi Aviation that dropped 6.15% points to end at 2.44 and First Abu Dhabi Bank PJSC declined by 2.38% to last settle at 10.25.


  • Egypt Stock Market


The Egyptian stock market was mostly lower on Monday’s trading session, with its index EGX30 falling by 0.42% or 56.30 points to end at 13,431.06, as losses incurred by Industrials, Consumer Cyclicals and Telecommunications Services sectors pressured shares lower.

Today’s losers on the EGX30 outweighed the gainers by 18 losers to 8 gainer and 4 flat stocks.

The best performer of the session on the EGX 30 were, Juhayna Food Industries SAE that rose by 3.69%, while  Egyptian Iron and Steel Co SA added 3.41%  and Orascom Telecom Media and Technology Holding SAE settled 1.49% higher.

The worst performers of the session on the EGX 30 were, Medinet Nasr for Housing and Development SAE whom declined by 3.77%, followed by Amer Group Holding Co SAE that fell by 2.86%, and Porto Group Holding SAE  ended 2.50% lower.


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