Most of MENA equities ended today’s session in the red, while Egypt equities were in positive territory.
In Saudi Arabia Market, the stock of the industrial pipe maker Amiantit Co. rose significantly by 6.5% as the company reported that they expect an increase in their net profit by $13.3 to $16 million in the third quarter of this year, this expectation came after the merger of its European entities. Moreover, Development Work Food stated that their annual net profit grew by 65% as its revenue doubled.
Meanwhile, Qatar’s equities ended today’s session in negative territory after Fitch cut the country’s credit rating to AA- on the back of sanctions imposed by other Arab Countries on Doha. Most of Bank’s shares fell today as lower credit rating threatens higher credit cost for the banks as they are seeking to replace the deposits and loans which withdrawn by the other Arab Countries.
• Saudi Arabia Stock Market:
Saudi’s stocks ended today’s session in the red where Tadawul All Share Index fell by 0.04% to settle lower at 7,258.64, pressured by the losses in Healthcare, Financials and Utilities Sectors.
Today’s losers significantly outnumbered gainers by 99 to 55, while 22 shares remained flat.
The best performers on Tadawul All Share Index were, Saudi Arabian Amiantit Co SJS surged by 6.50%, Al Sorayai Trading and Industri gained 3.29%, and Jazan Development Company SJSC added 2.24%.
Meanwhile, the worst performers on Tadawul All Share Index were, Malath Cooperative Insurance Company SJSC plummeted by 3.45%, Saudi Fisheries Co SJSC lost 2.52% and Al Baha Investment and Development Company SJSC tumbled by 2.09%.
UAE Markets were lower in today’s trading session pressured by the losses in Consumer Cyclicals, Consumer Non-Cyclicals, Industrials, and Financials sectors. Dubai Financial Market General Index dropped by 0.06% to settle at 3,610.77, while Abu Dhabi Index fell by 0.48% to close at 4,463.56.
Dubai Financial Market had 13 gainers, 13 losers, and 10 flat stocks while Abu Dhabi Securities Exchange had 5 gainers, 4 losers, and 50 unchanged stocks.
The best performers on Dubai Financial Market General Index were, Gulf Navigation Holding PJSC rose by 3.17%, Drake and Scull International PJSC gained 1.06% and Takaful Emarat Insurance PJSC advanced by 0.97%.
Meanwhile, the worst performers on Dubai Financial Market General Index were, Islamic Arab Insurance Co PSC fell by 1.89%, Union Properties PJSC lost 1.45%, and Deyaar Development PJSC declined by 1.34%.
The best performers on Abu Dhabi Securities Exchange General Index were, Ras Al Khaimah for White Cement and Construction Materials Co PSC surged by 11.76%, National Bank of Ras Al Khaimah PSC gained 2.61% and Methaq Takaful Insurance Co PSC advanced by 2.33%.
Meanwhile, the worst performers on Abu Dhabi Securities Exchange General Index were, Agthia Group PJSC plunged by 2.78%, Dana Gas PJSC lost 1.54%, and First Abu Dhabi Bank PJSC fell by 1.42%.
• Egypt Stock Market
Egypt’s shares ended today’s session in the green territory, where EGX30 was up by 1.40% to end at 13,195.34 as the gains generated by Telecommunication Services, Financials and Industrials sectors helped the equities.
Today’s rising shares outnumbered falling ones with 21 gainers, 7 losers, and 2 shares remained flat.
The best performers on EGX 30 were, Emaar Misr for Development SAE rose by 5.07%, Global Telecom Holding SAE added 3.97%, and Qalaa Holdings SAE advanced by 3.42%.
Meanwhile, the worst performers on EGX 30 were, Egyptian Resorts Co SAE tumbled by 0.98%, Oriental Weavers Carpet Co SAE lost 0.92%, and Egyptian Financial and Industrial SAE dropped by 0.60%.
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