INGOT Brokers AU | MENA market report (2017-07-12)

MENA market report (2017-07-12)

Main equity markets in the Mena region rose as supported by gains in blue-chip banks ahead of Federal Reserve Chair Janet Yellen testimony in front of Congress regarding the United States Monetary Policy.

The reason why Mena markets are so focused on clues on when the Fed will start tightening their monetary policy is that many of the gulfs currencies are pegged to the greenback and change that might affect the dollar are often mirrored by countries like Saudi Arabia, United Arab Emirates, and Qatar.

In Qatar, financial services firms lifted Doha’s equity market higher, the market also bolstered by foreign funds as bourse data show foreign traders were net buys in Wednesday’s session. Qatar Exchange General Index surged by 2.77% to end the session at 9,280.38.

Meanwhile, in Saudi Arabia, stock markets rose as all listed banks in the market finished the session in positive territories, most of which rose by more than 1% to help lift the market higher. Stocks of consumer firms were also advanced in the session as analyst expect better performance in the second quarter, this is due to the government’s decision to reinstate civil servants' allowances which are expected to boost household spending. Benchmark Tasi added 0.84% on Wednesday 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 edged slightly higher to trade almost flat in Wednesday’s session as gains in Telecommunications Services sector was able to offset losses in the Consumer-related sectors, Abu Dhabi’s main benchmark ADI index edged up by 0.02% to trade late in the session at 4,409.53. 

Meanwhile, in Dubai, Equity market gained continued to extend its gains boosted by advances in the real-estate sector after Damac Properties Dubai Co PSC rose by more than 10% in the session. Dubai’s Main index DFM advanced by 1.59% to trade at 3,494.44 at the close.

Elsewhere in Egypt, Cairo’s main benchmark ended the session in green for the second consecutive session. Egyptian main benchmark EG30 edged higher by a small margin of 0.04% or 6.02 points to trade at 13,6690.29.      


Looking at specific stocks in the region,

Over in Saudi Arabia, United Electronics Company ended the session lower by 1.75% on profit-taking despite rising by 8.13% in the previous session. However the stock is up more than 15% for the week after the firm's reported 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 Wednesday as gains in the Financials, Consumer Non-Cyclicals, Basic Materials & Energy sectors pushed shares higher.

Today’s gainers on Tadawul all shares outnumbered the losers with 112 gainers, 48 losers, and 13 stocks were left unchanged.

The best performers of the session on the Tadawul All Share were Alujain Corporation SJSC that surged 9.97% to trade at 25.60 at the close. Meanwhile, Nama Chemicals Company SJSC advanced by large margin 6.71% to end at 14.94 and Saudi Investment Bank SJSC was up 6.56% to 13.960 in late trade.

The worst performers of the session were Saudi Research and Marketing that tumbled by 9.97% to trade at 44.25 at the close. Saudi Printing and Packaging dropped 9.40% to end at 16.00 and Tihama Advertising and Public Relations and Marketing Holding SJSC lost 7.72% to last settle at 34.05.





  • 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 1.59% to trade at 3,494.44 while ADX rose by 0.02% to trade near flat at 4,409.53 as gains generated by Telecommunications Services, Basic Materials & Utilities sectors led share higher.

Rising stocks outnumbered falling ones on the Dubai Stock Exchange by 20 to 7, and 9 shares remained unchanged; on the Abu Dhabi Securities Exchange, 11 declined and 8 advanced, while 42 ended unchanged.

The best performers of the session on the DFM General were Damac Properties Dubai Co PSC which surged by 10.72% to trade at 3.820 at the close. Meanwhile, National Cement Co PSC rose by 10.53% to end at 3.150, and Arabtec Holding PJSC added 3.51% to 3.540 in late trade.

The worst performers of the session were Dar Al Takaful PJSC, which tumbled 2.50% to trade at 1.170 at the close. Gulf Navigation Holding PJSC declined 2.11% to end 1.390 and Marka PJSC was down 1.39% to 0.710.

The top performers on the ADX General were Waha Capital PJSC which surged by 5.36% to trade at 1.77 at the close , Eshraq Properties Company PJSC was up 2.13% to settle at 0.96, and Abu Dhabi National for Building Materials Co PJSC gained 1.92% to close at 0.53.

The worst performers were Finance House PJSC who tumbled by 9.78% to trade late in the session at 1.66, Emirates Driving Co PJSC lost 7.41% to settle at 7.50, and Abu Dhabi Ship Building PJSC declined by 6.33% to trade at 2.22 at the close.







  • Egypt Stock Market


The Egyptian stock market gained on Wednesday's session slightly higher as losses in the industrial sector weigh on the stock market. Egyptian index EGX30 trading higher by 0.04% to trade at 13,687.83 at the close, as gains generated by Financials, Consumer Non-Cyclicals sectors led shares higher.

Today’s losers on EGX30 outweighed the gainers by 19 to 10 and 1 flat share.

The best performers of the session on the EGX 30 were Porto Group Holding SAE that added 8.57%, while Orascom Telecom Media added 4.23% and Eastern Co SAE and was up 3.35%.

The worst performers of the session on the EGX 30 were, Arabian Food Industries Co SAE who declined by 3.69%, followed by Orascom Construction Ltd that fell by 3.50% and Juhayna Food Industries SAE ended the session 3.38% 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.