INGOT Brokers AU | MENA market report (2017-08-24)

MENA market report (2017-08-24)

Most of MENA equities ended today’s session in the red territory, where KSA, Dubai, Egypt, Oman and Qatar equities dropped, while Abu Dhabi and Kuwait shares rose.

In UAE, despite that the profit of DP World Co. came in line with expectations of $606 million, its share declined during today’s session by 1.6%. Moreover, its profit remained unchanged compared with the previous year; however, the company reported that its annual revenues rose by 10%.

Also after GFH financials said that its board of directors has discussed to distribute dividends, the share rose by 1.1% in today’s trading session.

Meanwhile, Qatar equities ended today’s session in negative territory as QSI fell by 1.12% to settle down at 8951.82, pressured by the losses in Financials and Industrials sectors. Moreover, most of the shares ended lower today where only one stock gained, three shares remained flat and the rest of 15 shares dropped. Commercial Bank PSQC was the best performer on QSI, where the stock added 1%, while the worst performer on the index was Qatar National Bank SAQ as its stock lost by 2.24%.

On the other hand, Kuwait’s shares ended today’s session in positive territory as its index KW15 gained 0.20% to settle up at 980.56, supported by the gains in Consumer Cyclicals and Industrials sectors. Kuwait Food Co KSCP  was the biggest gainer as the share added 7.89%, while the biggest loser in the session was Kuwait International Bank KSC which declined by 1.22%.

Kuwaiti telecommunications company Zain rose by 1.0%. After the market closed, Zain said Oman Telecommunications had completed the purchase of a 9.84 % stake in the company through a public auction of treasury shares in a deal which was previously announced.

Oman’s stocks fell today as MSI dropped by 0.17% to settle at 4,946.89 due to the losses generated by Consumer Cyclicals and Consumer Non-Cyclicals sectors. Bank Muscat SAOG was the only gainer where its stock advanced by 0.54%, while Al Anwar Holdings SAOG was the biggest loser on MSI as its stock tumbled by 1.85%. Moreover, in Muscat stock exchange only one stock gained, 9 fell, and 20 shares remained flat.

Elsewhere in Egypt, Orascom Construction reported a 10.2 decline in its second quarter net profit, as well as its revenue for the same period, also dropped.

•          Saudi Arabia Stock Market

KSA’s equities ended Wednesday’s session in negative territory pressured by the losses in Utilities, Industrials and telecommunications Services sectors, where Tadawul All Share Index declined by 0.25% to settle lower at 7,245.66.

Today’s falling stocks significantly outnumbered advancing ones by 127 to 35, while 13 shares remained flat.

The best performers on Tadawul All Share Index were, Al Baha Investment and Development Company SJSC surged by 3.01%, Arabia Insurance Cooperative Co SJSC gained 1.89%, and Filing and Packing Materials Manufacturing Co SJSC added 1.61%.

Meanwhile, the worst performers on Tadawul All Share Index were, Mediterranean and Gulf Cooperative Insurance and Reinsurance Co CJSC plummeted by 3.76%, Wataniya Insurance Co SJSC lost 3.55% and Gulf General Cooperative Insurance Co SJSC tumbled by 2.91%.

•          United Arab Emirates Stock Markets

Dubai Financial Market was pressured by the losses in Telecommunications Services, Consumer Cyclicals, and Industrials sectors, Dubai Financial Market General Index edged lower by 0.01% or 0.36 points to settle down at 3,624.49.

On the other hand, Abu Dhabi General Index ended in the green at 4,493.81 gained 0.14% or 6.40 points supported by the gains in Consumer Non-Cyclicals, Consumer Cyclicals and Basic Materials sectors.

Dubai Financial Market had 13 losers, 9 gainer, and 14 flat stocks while Abu Dhabi Securities Exchange had 9 losers, 7 gainers, and 43 unchanged stocks.

The best performers on Dubai Financial Market General Index were, Ajman Bank PJSC rose by 3.48%, Islamic Arab Insurance Co PSC gained 1.71% and Union Properties PJSC advanced by 1.69%.

Meanwhile, the worst performers on Dubai Financial Market General Index were, Aramex PJSC fell by 2.11%, Takaful Emarat Insurance PJSC lost 1.88%, and Dubai Investments PJSC declined by 1.26%.

The best performers on Abu Dhabi Securities Exchange General Index were, Dana Gas PJSC surged by 3.17%, Arkan Building Materials Co PJSC gained 1.59% and Sharjah Islamic Bank PJSC advanced by 1.48%.

Meanwhile, the worst performers on Abu Dhabi Securities Exchange General Index were, Insurance House PSC plunged by 9.64%, Abu Dhabi National Takaful Co PSC lost 6.00%, and Gulf Cement Co PSC fell by 4.67%.

•          Egypt Stock Market

Egypt’s shares were weaker in today’s session, where EGX30 dropped by 0.54% ended lower at 12,926.40 as the losses generated by Consumer Cyclicals, Industrials, and Basic Material sectors pressured the shares.

Today’s falling shares significantly outnumbered rising ones with 24 losers, 4 gainers, and 2 shares remained flat.

The best performers on EGX 30 were, Egyptian Financial and Industrial SAESAE rose by 2.57%, Emaar Misr for Development SAE added 1.16%, and Telecom Egypt Co SAE advanced by 0.60%.

Meanwhile, the worst performers on EGX 30 were, Arabian Cement Co SAE fell by 4.97%, Egyptian Chemical Industries SAE lost 3.70%, and Orascom Telecom Media and Technology Holding SAE dropped by 3.03%

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