INGOT Brokers AU | MENA market report (2017-07-11)

MENA market report (2017-07-11)

Main equity markets in the Mena region ended the session in positive territories to add to the gains from the previous session. Equity market found support from gains in Blue-chip banks in the region. Also supporting markets is positive news coming out of Qatar after a meeting between U.S. Secretary of State Rex Tillerson and Qatar Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani found common ground and signed a memorandum of understanding on combating terrorism and its funding, Qatar also agreed to fortify its counterterrorism stance.

In Qatar, Most of its blue-ship banks ended the session higher, with its biggest bank rising by more than 1.10% late in the session. Qatar Exchange General Index was up by 0.39% to end the session at 9,030.16.

Meanwhile, in Saudi Arabia, Equity markets edged higher on Tuesday as banks finished in mixed territories with investors shifting their focus on second-quarter earnings. Furthermore, Riyad Capital’s analyst’s expectation for the second quarter results shows that net income will be flat for the sector compared to last year results. Saudi Arabian Benchmark Tasi edged higher by 0.12% on Tuesday to last settle at 7,245.39.

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

Abu Dhabi securities exchange index end the session in the green to regain some of the losses incurred in the last session, Abu Dhabi’s main benchmark ADI index added 0.24% to trade late in the session at 4,408.66. 

Meanwhile in Dubai, Equity market gained 0.64% after surged in the financial sector with Dubai Islamic Bank adding more than 1.4% in today session. Dubai’s Main index DFM advanced by 0.64% to trade at 3,439.88 at the close.

Elsewhere in Egypt, Cairo’s main benchmark ended the session in green for the second consecutive session. As gains in the financial sector pushed shares higher. Egyptian main benchmark EG30 surged by a margin of 1.49% to trade at 13,684.27.      


Looking at specific stocks in the region, Egyptians firm Orascom Telecom surged by 5.88% to add to the gains made in the previous the shares price rose after the firm reported 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. Meanwhile, Qalaa Holding added 5.15% despite reporting net losses of 384 million Egyptian pounds in the first quarter.


Over in Saudi Arabia, United Electronics Company continued to gains on Tuesday after passing its daily limit of 10% in the previous session. The company advanced by 8.13%.   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.



  • Saudi Arabia Stock Market


KSA stocks advanced on Tuesday as gains in the Consumer Non-Cyclicals, Consumer Cyclicals, Utilities & Telecommunications Services sectors pushed shares higher.

Today’s losers on Tadawul all shares outnumbered the gainers with 101 losers, 55 gainers, and 17 stocks were left unchanged.

The best performers of the session on the Tadawul All Share were Saudi Research and Marketing Group SJSC that surged 9.96% to trade at 49.15 at the close. Meanwhile, Saudi Steel Pipes Co SJSC advanced by large margin 8.30% to end at 16.70 and United Electronics Company JSC were up 8.13% to 39.90 in late trade.

The worst performers of the session were Dar Al-Arkan Real Estate Development Company SJSC that fell 4.92% to trade at 5.80 at the close. Southern Province Cement Co declined 4.81% to end at 51.40 and Saudi Ceramic Co SJSC dropped 3.45% to 28.00.

  • United Arab Emirates Stock Market


United Arab Emirates Equities ended today’s session in positive territory.

Equities in Dubai ended the session higher as DFM index added 0.67% to trade at 3,439.88 while ADX slipped by 0.24% to trade at 4,408.66 as gains generated by Telecommunications Services, Consumer Cyclicals, Industrials & Financials sectors led share higher.

Rising stocks outnumbered falling ones on the Dubai Stock Exchange by 16 to 7 and 13 remained unchanged; on the Abu Dhabi Securities Exchange, 12 advanced and 7 declined, while 42 ended unchanged.

The best performers of the session on the DFM General were Dar Al Takaful PJSC which rose by 7.14% to trade at 1.200 at the close. Meanwhile, Ajman Bank PJSC added 3.60% to end at 1.150 and Commercial Bank of Dubai PSC added 2.35% to 4.350 in late trade.

The worst performers of the session were Shuaa Capital PSC, which tumbled 1.68% to trade at 1.170 at the close. Aramex PJSC declined 1.31% to end 5.290 and Air Arabia PJSC was down 0.96% to 1.030.

The top performers on the ADX General were Finance House PJSC which surged by 15.00% to trade at 1.84, Ras Al Khaimah Cement Co P was up 3.90% to settle at 0.80 and Abu Dhabi National Hotels Co PJSC gained 3.23% to close at 3.20.

The worst performers were Union Cement Co PSC who tumbled by 6.67% to trade late in the session at 1.26, Invest Bank PSC lost 5.51% to settle at 2.40 and RAK Properties PJSC declined by 1.54% to trade at 0.64 at the close.







  • Egypt Stock Market


The Egyptian stock market gained on Tuesday's session after stronger earnings report supported shares higher, with its index EGX30 trading higher by 1.49% to trade at 13,684.27 at the close, as gains generated by Financials, Consumer Cyclicals led shares higher.

Today’s gainers on EGX30 outweighed the losers by 14 to 13 and 3 flat stocks.

The best performers of the session on the EGX 30 were Porto Group Holding SAE that added 9.09%, while Amer Group Holding Co SAE added 6.25% and Orascom Telecom Media and was up 5.88%.

The worst performers of the session on the EGX 30 were, Cairo for Oil and Soap Co SAE who declined by 3.12%, followed by Arabian Food Industries Co SAE that fell by 2.56% and Egyptian Iron and Steel Co SAE ended the session 2.25% lower.


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