INGOT Brokers AU | MENA market report (2017-08-28)

MENA market report (2017-08-28)

Most of MENA equities ended Monday’s session in positive territories, where all KSA, UAE, Egypt, Qatar equities traded higher.  

Capital Markets in the Mena region were lifted by advances in blue-chip banks, as equities in Saudi Arabia found support from gains in the banking sector after reports that of a possible upgrade by FTSE late next month would primarily benefit the Saudi Lender. After the news, Saudi Arabian blue chip lender, National Commercial Bank advanced by 1.5, while Samba Financial Group added 0.9 percent. 

At the end of next month, index compiler FTSE will publicize its decision on whether it will add Saudi Arabia and Kuwait to its secondary market index. 

Elsewhere in Qatar, Most blue-banks rose intraday to help Doha main close in positive territories after closing lower for the past three trading sessions. Doha leading benchmark increased by 0.08 percent to trade at 8,941.01 at the close. Although lower by 10 percent since neighboring Gulf nation and Egypt cut diplomatic ties with Doha on June 5th.

Mean in the United Arab Emirates; Equities markets ended the session on higher notes. As Dubai’s Main index DFM found strength at the end of the session to close by 0.29 percent on the upside. Lifted by gains in Islamic bank of Dubai and Emaar malls who were amongst the top gainers of the session. Meanwhile, in Abu Dhabi, ADI added 0.1 in its lowest volume traded session in three months ahead of Eid-Al-Adha long weekend.

Over in Egypt, Cairo’s main benchmark EGX 30 ended its eight-day losing streak to surge by 0.78 at the close, lifted by buying from international investors as per bourse data.

Looking at individual stocks in Egypt, Qalaa holding share price surged by 8.9 percent after the firm reported that one of its subsidiaries Asec Co for mining had its 14.5 million dollar stake in an Ethiopian Company.   

•          Saudi Arabia Stock Market

KSA’s equities ended Monday’s session in positive territory supported by the gains in Utilities, Consumer Cyclicals and Healthcare sectors, where Tadawul All Share Index was up by 0.51% to settle up at 7,261.84.

Today’s advancing stocks significantly outnumbered declining ones by 107 to 55, while 13 shares remained flat.

The best performers on Tadawul All Share Index were, Saudi Indian Company for Cooperative Insurance JSC surged by 6.40%, Herfy Food Services Co SJSC gained 4.40%, and Al Tayyar Travel Group Holding Company SJSC added 4.20%.

Meanwhile, the worst performers on Tadawul All Share Index were, Middle East Healthcare Co CJSC plummeted by 2.13%, Al Khaleej Training and Education Co SJSC lost 2.11% and Almarai Co SJSC tumbled by 2.07%.

•          United Arab Emirates Stock Markets

UAE Markets were higher in today’s trading session helped by the gains in Telecommunications Services, Consumer Cyclicals, Basic Materials and Industrials sectors, Dubai Financial Market General Index added 0.29% to settle at 3,613.06, while Abu Dhabi Index rose by 0.11% to close at 4,485.01.

Dubai Financial Market had 10 losers, 10 gainers, and 16 flat stocks while Abu Dhabi Securities Exchange had 7 losers, 7 gainers, and 45 unchanged stocks.

The best performers on Dubai Financial Market General Index were, Marka PJSC rose by 1.93%, Dubai Islamic Bank PJSC gained 1.33% and Emaar Malls Group PJSC advanced by 1.23%.

Meanwhile, the worst performers on Dubai Financial Market General Index were, Gulf Navigation Holding PJSC fell by 3.08%, Takaful Emarat Insurance PJSC lost 1.44%, and Arabtec Holding PJSC declined by 0.93%.

The best performers on Abu Dhabi Securities Exchange General Index were, Ras Al Khaimah Cement Co PSC surged by 4.11%, Union Cement Co PSC gained 4.00% and Agthia Group PJSC advanced by 3.45%.

Meanwhile, the worst performers on Abu Dhabi Securities Exchange General Index were, Foodco Holding PJSC plunged by 3.33%, International Holding Company PJSC lost 2.68%, and Sharjah Cement and Industrial Development Co PS fell by 1.74%.

•          Egypt Stock Market

Egypt’s shares ended today’s session in the green territory, where EGX30 was up by 0.78% ended higher at 13,013.73 as the gains generated by Telecommunication Services, Financials and Energy sectors helped the equities.

Today’s rising shares outnumbered falling ones with 19 gainers, 6 losers, and 5 shares remained flat.

The best performers on EGX 30 were, Qalaa Holdings SAE rose by 8.93%, Telecom Egypt Co SAE added 7.18%, and Egyptian Iron and Steel Co SAE advanced by 3.76%.

Meanwhile, the worst performers on EGX 30 were, Heliopolis Co for Housing and Development SAE by 1.20%, Sidi Kerir Petrochemicals Co SAE lost 1.18%, and Arabian Food Industries Co SAE dropped by 0.61%

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