INGOT Brokers AU | MENA market report (2017-07-19)

MENA market report (2017-07-19)

In the absence of fresh news, MENA Equities were mixed on Wednesday session, where KSA, Egypt, Oman and Kuwait’s shares ended the session in the red, while Qatar and UAE’s shares ended the session in the green.

In KSA, Bank al Inma’s stock rose by 2.5% after the bank reported SAR488 million as a net profit for the second quarter, higher than expected by SAR71 million. However, the stock of blue-chip petrochemicals company Saudi Basic Industries dropped by 1.2%, also Al Rajhi Bank went Ex-Dividend today, and its stock dropped by 2.5%.

In UAE, due to profits taking Damac stock fell sharply by 9%, while the stock of Emaar Properties rose by 1%. As Emirates NBD reported an increase in of 6% in their profit for the second quarter to be at AED2.02 billion, its stock gained 0.9%. The index of Abu Dhabi Stock Market (ADI) rose by 0.5%, supported by the gains in the stock of Etisalat Co. where the stock rose by 0.8%.

Elsewhere in Egypt, EGX were down by 0.1%, despite the increase in Pioneers Holdings Stock, where the share rose by 2.5 as the company reported that they would list its subsidiary (Rooya Real State) on the stock market during the second quarter of its financial year.

Qatar’s equities were higher in today’s session, supported by the gains generated by Financials and Healthcare sectors, where QSI rose by 1.16% at 9,502.36. The best performance in the session was the largest Bank in the country (Qatar National Bank), which its stock gained 2.9% to be traded at 140.90. Also, Qatar Islamic Bank rose by 0.2% as they reported an increase of 10% in their net profit in the first half of this year. However, the stock of Commercial Bank of Qatar dropped 2% as they reported that their net profit declined by 58.4%.

Kuwait stocks closed the session in the red due to the losses generated by Consumer Non-Cyclicals, where KW15 dropped by 0.08% at 927.13.The biggest loser in the session was Mezzan Holding Company KSCP, where its share fell by 2.64%, while the biggest gainer in the session was Burgan Bank SAKP, which its rose by 0.89 at 339.

Moreover, despite the gains generated by consumer Non-Cyclicals sectors, Omani stocks fell in today’s session where MSI fell by 0.41% at 5,043.00 due to the losses generated by Basic materials and Utility sector. The biggest gainer in the session was Omani Fisher Co SAOG, which its rose by 3.15% while the biggest loser was Raysut Cement CO SAOG, where its stock fell by 5.67% to be traded at 0.924.

•             KSA Stock Market:

KSA stocks fell on Wednesday as losses in the Cement, Media & publishing and financial services sectors pushed shares lower.

Today’s gainers on Tadawul all shares outnumbered the losers with 92 gainers, 67 losers, and 16 stocks were left unchanged.

The top performers of the session on the Tadawul All Share were Mediterranean and Gulf Cooperative Insurance and Reinsurance Co CJSC that surged 4.83% to trade at 17.80 at the close. Meanwhile, Malath Cooperative Insurance Company SJSC advanced by 4.71% to end at 22.24 and Walaa Cooperative Insurance Company SJSC was up 4.15% to 30.10 in late trade.

The worst performers of the session were Saudi Research and Marketing Group SJSC that tumbled by 2.96% to trade at 52.40 at the close. Mobile Telecommunications Company Saudi Arabia SJSC dropped 2.70% to end at 9.02, and Mouwasat Medical Services Co SJSC lost 2.52% to the last settle at 147.20.

•             UAE Stock Exchange:

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

Equities in Dubai ended the session higher as DFM index added 0.11% to trade at 3582.25 while ADX rose by 0.49% to trade at 4594.16 as gains generated by Consumer Staples, Banking and Telecoms led share higher.

Falling stocks outnumbered rising ones on the Dubai Stock Exchange by 16 to 15, and 3 shares remained unchanged; on the Abu Dhabi Securities Exchange, 14 advanced, 5 declined, while 7 ended unchanged.

The top performers of the session on the DFM General were AJMAN BANK PJSC which surged by 2.61% to trade at 1.180 at the close. Meanwhile, Drake & Scull International PJSC rose by 2.05% to end at 0.399, and Marka PJSC added 1.83% to 0.720 in late trade.

The worst performers of the session were Takaful House, which tumbled 3.48% to trade at 1.110 at the close. Damac Properties Dubai Co PSC declined 1.74% to end 3.960 and ARAMEX PJSC was down 1.67 % to 5.310.

The top gainers on the ADX General were Sharjah Islamic Bank PJSC which surged by 5.93% to trade at 1.43 at the close, Union Cement was up 4.00% to settle at 1.30, and Abu Dhabi National Hotels Co gained 2.23% to close at 3.20.

The worst performers were Rak Cmt & Cons who tumbled by 8.74% to trade late in the session at 0.940, Union Natl Bk lost 2.74% to settle at 4.62, and Bank Of Sharjah declined by 1.61% to trade at 1.220 at the close.

•             Egypt Stock Exchange:

The Egyptian stock market fell on Wednesday's session lower as losses in the Basic Materials and Financials sectors weigh on the stock market, where Egyptian index EGX30 trading lower by 0.08% to trade at 13,707.13 at the close.

Today’s losers on EGX30 outweighed the gainers by 17 to 11 and 3 flat shares.

The best performers of the session on the EGX 30 were Oriental Weavers Carpet Co S that added 4.32%, while Pioneers Holding Company for Financial Investments SAE added 2.50% and El Sewedy Electric Co SAE and was up 1.28%.

The worst performers of the session on the EGX 30 were, Ezz Steel Co SAE who declined by 5.78%, followed by Credit Agricole Egypt SAE that fell by 3.72% and Amer Group Holding Co SAE ended the session 2.78% lower.






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