INGOT Brokers AU | MENA market report (2017-07-17)

MENA market report (2017-07-17)

Most of MENA equities were higher on Monday, while KSA equities were lower after five sessions highs in a row.

After KSA had decided to change their Stock market regulations to be more liberal and let them be compatible with international standards and regulations to support both the domestic and international markets, KSA Capital Market got attention by MSCI, where MSCIA decided to add KSA to the 2018 annual review, to investigate the ability to list KSA market under MSCI Emerging Market index. Furthermore, if KSA market listed under MSCI Emerging Market Index, it could be the ninth largest country listed in the index as it is likely to present up to 2.5% of the index. Moreover, the investment office in UBS expects the GDP of KSA to stabilize at 1% for the current year, as it expects that Saudi Riyal would remain peg to USD at the same exchange price at 3.75 SAR.

Qatar shopping mall asked for a loan by $1billion to operate Doha Festival City, but the diplomatic crises have hurt this festival, where banks have indefinitely postponed the loan as this crisis forbid banks from doing new business in Qatar and narrowed the liquidity in Qatari money market.

Elsewhere in Egypt, the gas production is expected to grow by 50% till 2018, while it expected to grow by 100% in 2020. Gas production in Egypt has been increased to 5.1 billion Cubic feet per a day in 2017. Egypt decided to increase the gas production to stop importing the gas from other countries by 2019. The head of IMF said that the reform measures in Egypt would set the country on the path of stability.

Qatar’s equities were higher on Monday supported by the gains generated by Energy, Financials and Utility sectors, where QSI rose by 0.99% at 9436.08. Also, Kuwait stocks ended the session in the green, where KW15 rose slightly by .02% to end the session at 924.76, supported by the gains in Industrials and telecommunication services. In Oman, the shares were up as MSM index rose by 0.19% at 5,073.29, helped by Omani consumer Non-Cyclical sector, as the sector gained by 8.18%.


•          KSA Stock Market:

KSA stocks fell on Monday as losses in the Hotels & Tourism, Agriculture & food, and Retail sectors pushed shares higher.

Today’s losers on Tadawul all shares outnumbered the gainers with 118 losers, 45 gainers, and 12 stocks were left unchanged.

The best performers of the session on the Tadawul All Share were Saudi Research and Marketing Group SJSC that surged 9.91% to trade at 58.80 at the close. Meanwhile, Amana Cooperative Insurance Co SJSC advanced by 4.22% to end at 18.28 and Mediterranean and Gulf Cooperative Insurance and Reinsurance Co CJSC was up 2.63% to 17.16 in late trade.

The worst performers of the session were Banque Saudi Fransi SJSC that tumbled by 5.49% to trade at 31.00 at the close. Ash Sharqiyah Development Co SJSC dropped 3.00% to end at 40.35, and National Industrialization Company JSC lost 2.86% to the last settle at 14.24.

•          UAE Stock Market:

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

Equities in Dubai ended the session higher as DFM index added 0.82% to trade at 3,602.46 while ADX rose by 1.14% to trade at 4575.61 as gains generated by Consumer Staples, Real State & Construction and Services led share higher.

Rising stocks outnumbered falling ones on the Dubai Stock Exchange by 19 to 7, and 10 shares remained unchanged; on the Abu Dhabi Securities Exchange, 12 declined and 8 advanced, while 41 ended unchanged.

The best performers of the session on the DFM General were Damac Properties Dubai Co PSC which surged by 3.75% to trade at 4.43 at the close. Meanwhile, Islamic Arab Insurance Co PSC rose by 3.36% to end at 0.462, and Marka PJSC added 1.96% to 0.729 in late trade.

The worst performers of the session were National General Insurance Co PJSC, which tumbled 9.57% to trade at 2.080 at the close. Shuaa Capital PSC declined 3.17% to end 1.220 and Dar Al Takaful PJSC was down 1.71 % to 1.150.

The top performers on the ADX General were Sharjah Islamic Bank PJSC which surged by 2.94% to trade at 1.40 at the close , First Abu Dhabi Bank PJSC was up 2.84% to settle at 10.85, and Abu Dhabi National Insurance Co PSC gained 1.67% to close at 3.05.

The worst performers were National Bank of Umm Al Qaiwain PSC who tumbled by 6.45% to trade late in the session at 2.90, Gulf Pharmaceutical Industries PSC lost 3.77% to settle at 2.30, and Finance House PJSC declined by 3.61% to trade at 1.60 at the close.

•          Egypt Stock Exchange:

The Egyptian stock market gained on Monday's session higher as gains in the Consumer Non-Cyclicals, Financials and Consumer Cyclicals sector weigh on the stock market, where Egyptian index EGX30 trading higher by 1.02% to trade at 13,956.32 at the close.

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

The best performers of the session on the EGX 30 were Eastern Co SAE that added 9.81%, while Porto Group Holding SAE added 7.89% and Credit Agricole Egypt SAE and was up 5.00%.

The worst performers of the session on the EGX 30 were, Qalaa Holdings SAE who declined by 1.96%, followed by Arabian Cement Co SAE that fell by 1.82% and Palm Hills Developments Company SAE ended the session 1.51% lower.




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