INGOT Brokers AU | MENA market report (2017-07-05)

MENA market report (2017-07-05)


MENA markets ended Wednesday’s session slightly higher ahead of the meeting of foreign minister that represents the four Arab nations (Saudi Arabia, United Arab Emirates, Bahrain and Egypt) that cut diplomatic and transport ties with Doha. The meeting is scheduled to be held in Cairo for the purpose of discussing the crisis facing the region. Moreover, analysts believe that if Qatar’s response to the demands is deemed unsatisfactory if might face an extended period of isolation and possibly face the risk of getting expelled from the Gulf Co-operation Council (GCC). 

Saudi Arabia’s stock market was the only market to closer in the red on Wednesday compared to its counterpart Indices in the region. Saudi Arabian Benchmark Tasi index fell by 0.46 percent to extend on its sharp in the previous session. The fall in prices continued as profit taking in Saudi Arabian blue chips also continued. Meanwhile, Positive remarks from Alrajhi Capital as the firm anticipates consumer related sector to do well after the government decided to reinstate civil servant’s allowances and the passing of the month of Ramadan which conventionally constitutes strong consumer spending.

 On the other hand, Qatar equity market gained some lost ground on Wednesday ahead of the Cairo meeting, the deadline for Doha to comply with demands of the Four Arab nations has passed. While Qatar doesn’t seem to be submitting to any key demands it has replied to those demands through Kuwait. However, they replied have been disclosed. Qatar equities market saw support in the form of funds turning slightly bullish on stocks. According to bourse data; global funds were net buyers alongside local funds, while Gulf funds were sellers. Qatar Exchange General Index was by 0.38 percent to end the session at 8,929.48.

Elsewhere in the United Arab Emirates, Equity markets finished the session higher.

Abu Dhabi securities exchange index end the session in the green after closing lower in the previous session, as the index found support from the banking sector as four of the top five gainers were banks on Wednesday. Abu Dhabi’s main benchmark ADI index rose 0.50 percent to trade late in the session at 4,413.68. 

Meanwhile in Dubai, DFM index edged higher by 0.06 percent finding support from industrial and consumer cyclical sectors. Meanwhile, Arabtic lost 1.2% percent after it surged by 10.6 percent in the previous session ahead of declaring that it had won a 96 million dollar contract to build United Arab Emirates pavilion at the Expo 2020 in Dubai.

Over in Africa, the Egyptian stock market ended the session almost unchanged tp rise by 0.01 percent to trade at 13,3334.86.


  • Saudi Arabia Stock Market


KSA stocks were lower on Wednesday as the losses incurred from Consumer Non-Cyclicals, Utilities, Healthcare & Basic Materials pulled shares downwards.

Today’s loser on Tadawul all shares outnumbered the gainers with 72 losers, 81 gainers and 20 unchanged.

The best performers of the session on the Tadawul All Share were Alahli Takaful Company SJSC which rose 5.59% to trade at 37.80 at the close. Meanwhile, Salama Cooperative Insurance Co SJSC added 3.10% to end at 17.30 and Dar Al Arkan Real Estate Development Company SJSC was up 3.07% to 6.72 in late trade.

The worst performers of the session were Savola Group Company SJSC, which fell 6.17% to trade at 44.10 at the close. Al Hammadi Company for Development and Investment SJSC declined 3.34% to end at 39.10 and Almarai Co SJSC dropped 2.61% to 85.80.


  • United Arab Emirates Stock Market


United Arab Emirates Equities were higher as both Markets in Dubai and Abu Dhabi end the session in green territory.

Equities in Dubai ended the session higher as DFM index rose by 0.06 percent to trade at 3,417.34, while ADX rose by 0.50 percent to trade at 4,413.68 as gains generated by Financials, Basic Materials & Consumer Cyclicals sectors led share higher.

Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 11 to 12 and 15 remained unchanged; on the Abu Dhabi Securities Exchange, 8 advanced and 6 fell, while 47 ended unchanged.

The best performers of the session on the DFM General were Aramex PJSC, which rose 2.47% to trade at 5.390 at the close. Meanwhile, Dubai Financial Market PJSC added 1.77% to end at 1.150 and Dubai Islamic Insurance and Reinsurance Co PSC added 1.14% to 0.891 in late trade.

The worst performers of the session were National Cement Co PSC, which tumbled 9.52% to trade at 2.850 at the close. Damac Properties Dubai Co PSC declined 2.61% to end 3.360 and Shuaa Capital PSC was down 1.64% to 1.200.

The top performers on the ADX General were Ras Al Khaimah Cement Co PSC which rose by 5.13% to trade at 0.82, Union National Bank PJSC was up 4.94% to settle at 4.67 and National Bank of Ras Al Khaimah PSC gained 4.17% to close at 4.50.

The worst performers were International Fish Farming Holding Co PJSC whom fell by 5.41% to trade late in the session at 1.40, Sharjah Islamic Bank PJSC that lost 1.48% to settle at 1.33 and Methaq Takaful Insurance Co PSC declined by 1.18% to trade at 0.84 at the close.



  • Egypt Stock Market


The Egyptian stock market was almost unchanged on Wednesday’s trading session, with its index EGX30 trading flat at 13,334.86, as losses incurred by Consumer Cyclicals has capped gains in equities.

Today’s gainers on EGX30 outweighed the losers by 16 to 10 and 4 flat stocks.

The best performers of the session on the EGX 30 were Qalaa Holding SAE that rose for the second consecutive session the stock added 5.75%, while Pioneers Holding Company for Financial Investments SAE added 4.47% and Telecom Egypt Co SAE was up 2.17%.

The worst performers of the session on the EGX 30 were, Oriental Weavers Carpet Co SAE whom declined by 4.33%, followed by EFG Hermes holdings SAE that fell by 2.68%, and Porto Group Holding SAE ended the session 2.56% lower.


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