INGOT Brokers AU | MENA market report (2017-08-14)

MENA market report (2017-08-14)

Most of MENA equities fell during Monday’s session, however, Oman and Kuwait’s stocks ended today’s session in the green.

TASI declined by 0.2% as 84 stocks declined, and 63 stocks advanced during today’s session. However, after Etihad Etisalat announced that they signed a new agreement with Nokia, Ericsson, and Huawei to Modernise its network, its share advanced by 0.2 to settle at 17.92. Moreover, Mobily announced that they expect the agreement would cost SAR 2.4 billion over the next three years and the agreements would be funded by the company’s cash flow.

Meanwhile, Dubai and Abu Dhabi equities ended the session in the red. Damac’s share fell by 3.6% as the company reported a decline by 20.9% in their annual profit reaching 701.3 million AED. Moreover, Builder Drake and Scull’s stock reported a quarterly loss of 182.7 million Dirhams; its share fell by 2.1% in today’s session. The most active stock in Dubai Exchange GFH Financial fell by 4.5%, despite the increase in their quarterly profit, where the company reported 30.2 million dirhams increase in the second quarter. Furthermore, In Abu Dhabi Stock exchange, DANA Gas and Waha fell by 3.2% and 1.7% respectively due to the decline in their profits.

Qatar’s equities ended the session in negative territory as the losses generated by Energy and Industrials sectors weighed on the equities, where QSI fell by 0.15% to close the session at 9,191.73. Investment Holding Group’s share declined sharply by 8.8% from its IPO’s price to settle at 9.12 riyals. Moreover, the company offered 49.8 million shares at 10.0 riyals per share. Medicare Group QSC was the best performer in the session as its stock advanced by 1.37% at 81.60. However, the stock of Commercial Bank was the biggest loser during today’s session as the stock fell by 1.31% at 30.10.

Elsewhere in Kuwait, the equities closed today’s session in the green as the main index KW15 rose by 0.71% at 973.39 due to the gains generated by Financials and Telecommunications sectors. Kuwait Finance House KSCP was the biggest gainer where its stock rose by 1.61% at 567, while Kuwait Projects Company Holdings KSCP was the worst performer as it stock fell by 1.34% at 369.0.

•          Saudi Arabia Stock Market

Saudi Arabia stocks ended Monday’s session in the red after the losses that were recorded in the Consumer Non-Cyclicals, Utilities and Industrials sectors. The TASI fell 0.32 percent to close at 7,125.74 points.

Today’s losers significantly outnumbered the gainers, with 84 gainers, 63 losers, and 28 flat shares.

The best performers on Tadawul All Share Index were, Amana Cooperative Insurance Co SJSC surging by 9.93 percent, Saudi Indian Company for Cooperative Insurance JSC gaining 2.26 points and MetLife AIG ANB Cooperative Insurance Co SJSC ending higher by 7.50 percent.

Meanwhile, the worst performers on Tadawul All Share Index were, Mediterranean and Gulf Cooperative Insurance and Reinsurance Co CJSC falling by 9.90 percent, Saudi Research and Marketing Group SJSC losing 3.3 points and Middle East Healthcare Co CJSC ending 2.8 points lower at 66.20.

•          United Arab Emirates Stock Markets

United Arab Emirates stocks closed today’s trading session in negative territory as the losses in the Real Estate & Construction, Transport, and Telecoms sectors weighed on the equities.

At the close in Dubai, the DFM General fell by 0.77% percent to close at 3585.91 points, while the ADX General Index declined 0.45 percent to trade at 4,480 points.

Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 19 to 7 and 10 ended unchanged; on the Abu Dhabi, 16 fell and 8 advanced, while 37 ended unchanged.

The best performers of the session on the DFM General were Takaful Emarat Insurance PJSC which rose 8.96 percent to trade at 2.190 at the close. Meanwhile, Gulf Navigation Holding PJSC added 0.030 points to end at 1.300, and Deyaar Development PJSC was up 0.57 percent to trade at 0.525.

The worst performers of the session were Amlak Finance PJSC which fell 3.70 percent to trade at 1.040 at the close. Dar Al Takaful PJSC declined 0.04 points to end at 1.070, and Drake and Scull International PJSC edged down 3.17percent or 0.012 points to 0.366.

The top performers on the ADX General were National Marine Dredging PSC which gained 9.92 percent to close at 4.10, Fujairah Cement Industries Co PSC was up 4.55 percent to settle at 1.15, and Abu Dhabi National Hotels Co PJSC which gained 2.86 percent to close at 3.24.

The worst performers were Eshraq Properties Company PJSC which was down 10 percent to 0.81 in late trade, Abu Dhabi Ship Building PJSC which lost 6.38 percent to settle at 2.20, and Methaq Takaful Insurance Co PSC which was down 5.43 percent to 0.87 at the close.


•          Egypt Stock Market

Egypt equity market ended the week in negative territory after declining 1.09 percent or 144.51 points to close at 13,135.10 points.

The top performers in on the EGX 30 were Cairo for Oil, and Soap Co SAE and Oriental Weavers Carpet Co SAE rose 2.54 percent and 2.24 percent, respectively. On the other hand, Arabian Cement Co SAE, Amer Group Holding Co SAE, and Egyptian Chemical Industries SAE declined 3.09 percent, 3.03percent, and 2.78 percent, respectively.







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