INGOT Brokers AU | MENA market report (2017-07-10)

MENA market report (2017-07-10)

MENA markets finished the session higher to follow global equities; MENA markets also found support from strong quarterly earnings and dividends announcements in Saudi Arabia.

Furthermore, The Saudi Arabian equity market saw support from an expected improvement in the retail sector after the Saudi government declared that it will reinstate the civil servant allowance. The market also saw support from the banks as all banks ended the session higher and made some gains. Saudi Arabian Benchmark Tasi index rose by 0.98% on Monday to last settle at 7,236.94

Meanwhile, in Qatar, the index rose by 1.02% in today’s session as local investors helped lift the market higher after roughly 80% of the session’s turnovers were made by local investors as per bourse data. The index also saw support from financials as Doha biggest bank Qatar National Bank (QNB) advanced by 1.93%. Qatar Exchange General Index was up by 1.02% to end the session at 8,995.12.

On the other hand in the United Arab Emirates, Equity markets ended the session in mixed territories.

Abu Dhabi securities exchange index end the session in the red for the second consecutive session, the index found support from Telecommunications Services sector but the gains in the sector weren't enough to lift shares higher in the index. Abu Dhabi’s main benchmark ADI index dropped 0.28% to trade late in the session at 4,397.35. 

Meanwhile in Dubai, Equity market gained 0.45% after surged in the real-estate sector as real-estate giant Damac Properties Dubai Co P advanced by 3.63% in today session. Dubai’s Main index DFM added 0.45% to trade at 3,402.66 at the close.     

Elsewhere in Egypt, Cairo’s main benchmark ended the session in green. The index found support from Telecommunications Services sector after companies in sector showed a strong earnings reports. Egyptian main benchmark EG30 rose by a margin of 1.06% to trade at 13,483.04.

Looking at specific stocks in the region, Egyptians firm Orascom Telecom surged by 3.00% ahead of reporting relatively large gains in the first quarter. The media conglomerate reported net incomes of 388.5 million Egyptian pounds compared to last year’s first quarter earnings of 48.73 million Egyptian pounds.

Over in Saudi Arabia, United Electronics Company saw its share price gain by more than its daily limit of 10%. The surge in the firm's share price came after a strong earnings and dividends announcement, the firm reported second-quarter net income of 43.4 million riyals, net income rose by 287.5% compared to last year earnings. Moreover, the company declared cash dividends payments of 0.75 riyals per share.

Meanwhile in Abu Dhabi, Dana Gas has been quite volatile since announcing that the firm would not make payments on its $700 million dollar Sukuk and requested the restructuring of these bonds at a lower rate in late June. However, Dana Gas share prices fell by 1.4% as profit taking continued to weigh on the stock.   



  • Saudi Arabia Stock Market


KSA stocks advanced on Friday as gains in the Consumer Non-Cyclicals, Consumer Cyclicals, Healthcare & Financials sectors pushed shares higher.

Today’s gainers on Tadawul all shares outnumbered the losers with 97 gainers, 64 losers, and 12 stocks were left unchanged.

The best performers of the session on the Tadawul All Share were United Electronics Company that surged 10.31% to trade at 36.90 at the close. Meanwhile, Saudi Research and Marketing Group SJSC advanced by large margin 9.96% to end at 44.70 and Tihama Advertising and Public Relations and Marketing Holding SJSC were up 8.85% to 35.65 in late trade.

The worst performers of the session were Dar Al-Arkan Real Estate Development Company SJSC that fell 4.39% to trade at 6.10 at the close. Arabian Pipes Co SJSC declined 2.03% to end at 13.52 and Jabal Omar Development Co dropped 1.68% to 70.30.



  • United Arab Emirates Stock Market


United Arab Emirates Equities ended the session mixed Markets in Dubai gained while markets in Abu Dhabi end the session in red territory.

Equities in Dubai ended the session higher as DFM index added 0.45% to trade at 3,417.94, while ADX slipped by 0.28% to trade at 4,397.96 as losses generated by Utilities, Industrials & Energy sectors led share lower.

Rising stocks outnumbered falling ones on the Dubai Stock Exchange by 11 to 7 and 18 remained unchanged; on the Abu Dhabi Securities Exchange, 13 declined and 11 advanced, while 45 ended unchanged.

The best performers of the session on the DFM General were Marka PJSC which rose by 4.78% to trade at 0.724 at the close. Meanwhile, Damac Properties Dubai Co added 3.63% to end at 3.430 and Emaar Malls Group PJSC added 2.08% to 2.450 in late trade.

The worst performers of the session were Arabtec Holding PJSC, which tumbled 2.02% to trade at 3.400 at the close. National Central Cooling Co declined 1.89% to end 2.080 and Emirates NBD Bank PJSC was down 1.84% to 8.000.

The top performers on the ADX General were International Fish Farming Hol by 4.61% to trade at 1.59, RAK Properties PJSC was up 1.56% to settle at 0.65 and Emirates Telecommunications Group Co PJSC gained 0.58% to close at 17.45.

The worst performers were Abu Dhabi Ship Building PJSC who tumbled by 9.20% to trade late in the session at 2.37, Ras Al Khaimah Cement Co PSC lost 3.75% to settle at 0.77 and Abu Dhabi National for Building Materials Co PJSC declined by 3.70% to trade at 0.52 at the close.






  • Egypt Stock Market


The Egyptian stock market gained on Monday's session after stronger earnings report supported shares higher, with its index EGX30 trading higher by 1.06% to trade at 13,483.04 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 9 and 5 flat stocks.

The best performers of the session on the EGX 30 were Qalaa Holdings SAE that added 7.78%, while Sidi Kerir Petrochemicals Co added 4.20% and Orascom Telecom Media and was up 3.03%.

The worst performers of the session on the EGX 30 were, Cairo for Oil and Soap Co SAE whom declined by 3.64%, followed by Porto Group Holding SAE that fell by 2.94% and Arabian Cement Co SAE ended the session 2.00% lower.


© Copyright 2017

The information contained in this publication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Any opinion offered herein reflects current judgment and may change without notice. Users acknowledge and agree to the fact that, by its very nature, any investment in shares, stock options and similar and assimilated products is characterized by a certain degree of uncertainty and that, consequently, any investment of this nature involves risks for which the user is solely responsible and liable.