INGOT Brokers AU | MENA market report (2017-08-08)

MENA market report (2017-08-08)

Saudi Arabia’s equities rose following its gains across several sectors, while the markets in United Arabia Emirates and Egypt were mixed to slightly lower.

In Saudi Arabia, Savola climbed despite reporting that quarterly profit dropped to 229.3 million riyals ($61.1 million) from 253.5 million riyals a year ago, as sales declined. The profit slide appeared to be partly due to contracting retail margins, analysts at NCB Capital said.

Moreover, Al Tayyar Travel gained 0.6 percent despite reporting that second-quarter net profit fell to 212 million riyals from 297 million riyals a year ago, missing forecasts of 229 million riyals and 237.5 million riyals by NCB Capital and Aljazira Capital.

On the other hand, Najran Cement fell 0.3 percent after reporting a quarterly loss of 4.2 million riyals versus a year-earlier profit of 33.9 million riyals.

Air Arabia gained 5.6 percent in its heaviest trade since February, accounting for over a third of the entire market's trading volume.

The budget airline reported a 19.2 percent rise in second-quarter net profit to 150.7 million dirhams ($41.03 million). EFG Hermes and SICO Bahrain had forecast 95.9 million dirhams and 96.3 million dirhams.

Amlak Finance AMLK.DU dropped 1.8 percent despite reporting that it had swung to a small second-quarter profit from a year-earlier loss.


•          Saudi Arabia Stock Market

Shares in Saudi Arabia’s stock market settled higher in the green but to traded trend-less following their relatively high gains in the opening hour, boosted by the gains across several sectors especially in the Healthcare sector, where Tadawul All Share Index rose higher at 7,145.54 gaining 32.17 points.

Today’s gainers significantly outnumber the losers by 46, with 102 gainers, 56 losers, and 17 flat shares.

The best performers on Tadawul All Share Index were, Saudi Printing and Packaging Co SJSC surging by 9.81 percent, Tihama Advertising and Public Relations and Marketing Holding SJSC gaining 4.70 points and Saudi Paper Manufacturing Co SJSC ending higher at 7.98.

Meanwhile, the worst performers on Tadawul All Share Index were, Al Baha Investment and Development Company SJSC falling by 5.82 percent, Al Andalus Property Co SJSC losing 0.8 points and Zamil Industrial Investment Co SJSC ending 1 point lower at 27.15.


•          United Arab Emirates Stock Markets

Even with gains in the Utilities and Industrials sectors, Dubai Financial Market was down for today’s trading session as the losses in the Healthcare sector weighted, while Abu Dhabi stock Exchange finished mostly unchanged following the high volatility near the closing bell.

Dubai Financial Market had 14 losers, nine gainers, and 13 flat stocks while Abu Dhabi Securities Exchange had ten gainers, eight losers, and 43 unchanged stocks.

Dubai Financial Market General Index gained 16.17 points or 0.45 percent to settle higher at 3,649.35, while Abu Dhabi Securities Exchange General Index ended lower by 0.1 percent or 4.50 points at 4,561.65 in its mixed trading session today.

The best performers on Dubai Financial Market General Index were, Air Arabia PJSC rising by 5.56 percent, Gulf Navigation Holding PJSC gaining 0.05 points and National Central Cooling Co PJSC ending higher at 2.150.

Meanwhile, the worst performers Dubai Financial Market General Index were, Damac Properties Dubai Co PSC falling by 2.22 percent, Amanat Holdings PJSC losing 0.02 points and Drake & Scull International PJSC ending 1.78 percent lower at 0.368.

The best performers on Abu Dhabi Securities Exchange General Index were, Gulf Cement Co PSC surging by 12.37 percent, Abu Dhabi Aviation adding 0.19 points and Ras Al Khaimah Ceramics PSC ending higher at 2.48.

Meanwhile, the worst performers on Abu Dhabi Securities Exchange General Index were, National Marine Dredging PSC plunging by 10.00 percent, Sharjah Cement and Industrial Development Company PSC closing 0.03 points and International Holding Company PJSC ending 0.04 points lower at 1.50.


•          Egypt Stock Market

Egyptian equities traded lower in the red dragged by the losses in the Consumer Non-Cyclicals and Telecommunications Services sectors, while the Egyptian stocks index EGX30 mostly unchanged at 13,637.69 falling 0.17 percent following its recovery from its losses that it witnessed in the opening hour.

During today’s mixed trading session the EGX 30’s losers outnumbered the gainers by more than 2 to 1 ratio, with 20 losers, seven gainers, and three flat shares.

The best performers on EGX 30 were, Porto Group Holding SAE gaining 5.13 percent, Qalaa Holdings SAE adding 0.02 points and Oriental Weavers Carpet Co SAE ending 1.39 percent higher at 18.90.

Meanwhile, the worst performers on EGX 30 were, Orascom Telecom Media and Technology Holding SAE falling by 2.82 percent, Arabia Cotton Ginning Co SAE losing 0.12 points and Eastern Co SAE ending 2.33 percent lower at 293.

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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.