INGOT Brokers AU | MENA market report (2017-08-23)

MENA market report (2017-08-23)

MENA equities ended today’s session in mixed territory, Saudi market supported by small to mid-sized firms, while EGX30 was the worst performer in the region.

In KSA, Tadawul All Share Index supported by 18 small to mid-sized companies as they were the top gainers during today’s trading session.

Saudi Indian Co for Cooperative Insurance (Wafa) was suffering from losses since Sunday, as the Central bank issued a temporary ban on selling motor vehicle policies because it considering as irregular practices. However, on Wednesday, WAFA added 1.6% after they said that they took a temporary and conditional permission from the central bank to sell some of its professional liability insurance policies.

Qatar’s equities ended Wednesday’s session in the red territory, where QSI fell by 11.74 points to settle down at 9,053.60 as the losses in Utilities and Basic Materials sectors weighed on the shares. Qatar Insurance Co SAQ was the best performer as its stock added 1.79% at 68.10, while Qatar Electricity and Water Co QSC was the worst performer on QSI, where its share lost by 1.96% to 190.00 at the close.

Meanwhile, Kuwait’s shares were higher during today’s session, where KW15 rose by 0.07% at 978.60 supported by the gains in Consumer Non-Cyclicals and Industrials sectors. The biggest gainer on KW15 was Mezzan Holding Company KSC as it added 1.28% to settle up at 790.00. However, Mobile Telecommunications Company KSCP was the biggest loser as its stock tumbled by 1.00% at 497.00.

Omani equities ended today’s session in negative territory as its index MSI shed by 0.34% at 4,995.270 due to the losses generated by Telecommunications Services and Consumer Non-Cyclicals. Al Anwar Holdings SAOG was the best performer in Muscat stock exchange today as its stock gained 5.88% at 0.162, while Gulf Investment Services Holding Co SAOG was the worst performer where its stock fell by 3.80% at 0.074.

Elsewhere in Egypt, EGX30 was the worst performer in the MENA region as 28 of 30 shares fell in today’s session. Moreover, USA decided to deny Egypt $95.7 million in aid and to delay a further $195 million as Egypt had failed to make progress on respecting human rights and democratic norms.

•          Saudi Arabia Stock Market

KSA’s equities ended Wednesday’s session in positive territory supported by the gains in Financials sector, where Tadawul All Share Index rose by 0.14% to settle up at 7,263.75.

Today’s falling stocks outnumbered advancing ones by 98 to 62, while 15 shares remained flat.

The best performers on Tadawul All Share Index were, Saudi Enaya Cooperative Insurance Company SJSC surged by 8.16%, Al Alamiya for Cooperative Insurance Co SJSC gained 3.46%, and Amana Cooperative Insurance Co SJSC added 3.42%.

Meanwhile, the worst performers on Tadawul All Share Index were, Fawaz Abdulaziz Alhokair Co SJSC plummeted by 4.09%, Al Allianz Saudi Fransi Cooperative Insurance Co SJSC lost 3.19% and Arabia Insurance Cooperative Co SJSC tumbled by 2.69%.

•          United Arab Emirates Stock Markets

Dubai Financial Market was boosted by the gains in Industrials and Financials sectors, Dubai Financial Market General Index added 0.38% or 13.63 points to settle up at 3,624.85.

Also, Abu Dhabi General Index ended in the green at 4487.41 gained 0.30% or 13.34 points supported by the gains in Consumer Non-Cyclicals, Consumer Cyclicals and Telecommunication Services sectors.

Dubai Financial Market had 12 gainers, 12 losers, and 12 flat stocks while Abu Dhabi Securities Exchange had 9 losers, 8 gainers, and 42 unchanged stocks.

The best performers on Dubai Financial Market General Index were, Gulf Navigation Holding PJSC rose by 5.47%, Amlak Finance PJSC gained 1.82% and Union Properties PJSC advanced by 1.37%.

Meanwhile, the worst performers on Dubai Financial Market General Index were, Dar Al Takaful PJSC fell by 0.92%, Amanat Holdings PJSC lost 0.91% and Ajman Bank PJSC declined by 0.86%.

The best performers on Abu Dhabi Securities Exchange General Index were, Abu Dhabi National Hotels Co PJSC surged by 5.46%, Agthia Group PJSC gained 5.28% and Gulf Cement Co PSC advanced by 4.90.

Meanwhile, the worst performers on Abu Dhabi Securities Exchange General Index were, Gulf Medical Projects Co PSC plunged by 8.3, Arkan Building Materials Co PJSC lost 3.08% and Abu Dhabi National Energy Co PJSC fell by 1.64%.

•          Egypt Stock Market

Egypt’s shares were weaker in today’s session, where EGX30 dropped by 0.90% ended lower at 12,996.20 as the losses generated by Industrials, Consumer Non-Cyclicals and Energy sectors pressured the shares.

Today’s falling shares significantly outnumbered rising ones with 28 losers, 1 gainer, and 1 share remained flat.

The best performers on EGX 30 were, Arabian Food Industries Co SAE rose by 1.86%, Eastern Co SAE remained flat at 289.99, while Egyptian Financial and Industrial SAE tumbled by 0.31%.

Meanwhile, the worst performers on EGX 30 were, Amer Group Holding Co SAE fell by 6.67%, Heliopolis Co for Housing and Development SAE lost 5.48% and El Sewedy Electric Co SAE dropped by 4.23%.

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