INGOT Brokers AU | MENA market report (2017-07-06)

MENA market report (2017-07-06)


MENA markets finished Thursday’s trading session in the red after the meeting in Cairo overnight at which foreign ministers of the four Arab (Saudi Arabia, United Arab Emirates, Bahrain and Egypt) states expressed their dissatisfaction with Qatar’s response to their demands. Moreover, the ministers also stated that they decided that no new sanction will be applied to Qatar. However, the Arab coalition didn’t rule out the possibility of further sanctions in the future.

Saudi Arabia’s stock market ended the session in negative territories, Saudi equity markets were pressured by the drop in Oil prices, share prices in the index slide despite finding support from the Saudi governments announcement to cancel all export duties on steel and halved those for cement the decision would expire in two years, the cancelation and reduction of duties was done for the purpose of encouraging local steel and cement companies. Saudi Arabian Benchmark Tasi index fell by 0.86% on Thursday to last settle at 7,203.99

 On the other hand, Qatar equity market lost gains of previous session on Thursday as the crisis in the region continues to weigh on the Doha, as no sign of de-escalations of tension between Doha and the Arab coalition that decide to cut ties with Qatar more than month ago after accusing the natural gas rich nation of support terrorism and extremism. Furthermore, Funds were neutral in today’s session while Gulf fund were net seller as per the bourse data. Qatar Exchange General Index was down by 0.08 percent to end the session at 8,922.72.

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

Abu Dhabi securities exchange index end the session in the red after closing higher in the previous session, the index found support from Consumer Non-Cyclicals sector but the gains in the sector wasn’t enough to lift shares higher in the index. Dana Gas lost 1.4 percent after Reuters reported its sources said that a full hearing was plan by the high court of London regarding the restructuring of the firm’s $700 million Islamic bonds.  Abu Dhabi’s main benchmark ADI index dropped 0.39% to trade late in the session at 4,396.35. 

Meanwhile in Dubai, DFM index traded lower by 0.47% as the market was weigh down by losses in the real-state sector major real-state companies Emaar Properties and Damac Properties were among the session’s worst performers.   Dubai’s Main index DFM fell by 0.47% to trade at 3,401.15 at the close.


Over in Africa, the Egyptian main benchmark EG30 was the only gainer of today session at the index rose by margin of 0.26% to trade at 13,369.88.


  • Saudi Arabia Stock Market


KSA stocks were lower on Thursday as the losses incurred from Utilities, Consumer Non-Cyclicals, Telecommunications Services & Financials sectors pulled shares downwards.

Today’s loser on Tadawul all shares outnumbered the gainers with 108 losers, 56 gainers and 9 stocks were left unchanged.

The best performers of the session on the Tadawul All Share were Fawaz Abdulaziz Alhokair Co SJSC which rose 4.68% to trade at 42.50 at the close. Meanwhile, Saudi Research and Marketing Group SJSC added 4.20% to end at 37.20 and Alinma Tokio Marine Co SJSC was up 3.49% to 24.90 in late trade.

The worst performers of the session were Alahli Takaful Company SJSC, which fell 5.42% to trade at 35.75 at the close. United Electronics Company JSC declined 4.23% to end at 32.85 and Saudi Electricity Company SJ dropped 3.43% to 24.24.


  • United Arab Emirates Stock Market


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

Equities in Dubai ended the session lower as DFM index fell by 0.47% to trade at 3,401.15, while ADX slipped by 0.39% to trade at 4,396.35 as losses generated by Utilities, Consumer Cyclicals & Energy sectors led share higher.

Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 12 to 7 and 17 remained unchanged; on the Abu Dhabi Securities Exchange, 12 declined and 11 advanced, while 38 ended unchanged.

The best performers of the session on the DFM General were Gulf Navigation Holding PJSC, which rose 2.11% to trade at 1.450 at the close. Meanwhile, Dar Al Takaful PJSC added 1.85% to end at 1.100 and Arabtec Holding PJSC added 1.25% to 3.230 in late trade.

The worst performers of the session were Marka PJSC, which tumbled 2.10% to trade at 0.700 at the close. Damac Properties Dubai Co PSC declined 1.79% to end 3.300 and Emaar Properties PJSC was down 1.40% to 7.770.

The top performers on the ADX General were Sharjah Cement and Industrial Development Co PSC surged by 13.68% to trade at 1.08, International Fish Farming Holding Co PJSC was up 7.14% to settle at 1.50 and National Takaful Co PJSC gained 6.06% to close at 0.70.

The worst performers were Fujairah Cement Industries Co PSC whom tumbled by 9.65% to trade late in the session at 1.03, Ras Al Khaimah Cement Co PSC that lost 8.54% to settle at 0.75 and Union Cement Co PSC declined by 6.62% to trade at 1.21 at the close.



  • Egypt Stock Market


The Egyptian stock market gained in Thursday session after finishing almost unchanged on Wednesday’s trading session, with its index EGX30 trading higher by 0.30% to trade at 13,3369.88 at the close, as gains generated by Financials, Consumer Cyclicals & Basic Materials led shares higher.

Today’s gainers on EGX30 outweighed the losers by 16 to 13 and 1 flat stock.

The best performers of the session on the EGX 30 were Credit Agricole Egypt SAE that added 6.89%, while Porto Group Holding SAE added 4.21% and EFG Hermes Holdings SAE was up 2.93%.

The worst performers of the session on the EGX 30 were, Arabian Food Industries Co SAE whom declined by 3.65%, followed by Juhayna Food Industries SAE that fell by 3.03% and Egyptian Resorts Co SAE ended the session 1.96% lower.


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