INGOT Brokers AU | MENA market report (2017-09-06)

MENA market report (2017-09-06)

Despite the recovery of oil futures that lifted Saudi Arabia’s stock market higher, the other equity markets across the MENA region were mixed with Qatar falling to its lowest close since January 2016 after index compiler FTSE's mid-year review hurt some stocks.

Qatar Gas Transport lost 2.9 percent after FTSE said it would move the company to its mid-cap index from its large-cap index, effective from September 15th.

Moreover, Industrial conglomerate Aamal slumped by 4.4 percent, Qatari Investors Group fell by 1.8 percent and Qatar Navigation lost 0.2 percent after FTSE said it would delete all three stocks from its all-world index.


•          Saudi Arabia Stock Market

Saudi Arabia’s equities ended today’s trading session in the green supported by the recovery of the oil futures and led by the gains in Consumer Cyclicals, Basic Materials and Financials sectors.

Today’s gainers significantly outnumbered the losers, with 119 gainers, 44 losers, and 12 flat shares.

The best performers in Tadawul All Share Index were, Saudi Research and Marketing Group SJSC surging by 9.55 percent, Saudi Printing and Packaging Co SJSC gaining 1.94 points and Tihama Advertising and Public Relations and Marketing Holding SJSC ending higher by 7.64 percent.

Meanwhile, the worst performers in Tadawul All Share Index were, Fawaz Abdulaziz Alhokair Co SJSC shading 2.14 percent, Dallah Healthcare Co losing 2 points and Saudi Enaya Cooperative Insurance Company SJSC ending 1.79 percent lower at 19.75.


•          United Arab Emirates Stock Markets

United Arab Emirates shares closed today’s trading session mixed as the losses in Utilities and Consumer Non-Cyclicals sectors weighed on Abu Dhabi’s market in addition to the FTSE decision to remove Abu Dhabi's Union National Bank from its global equity index, while Dubai Financial Market was supported by the gains in Consumer Cyclicals sector as well as its listed real estate developers.

Dana Gas, the most heavily traded stock in Abu Dhabi, fell as much as 3.9 percent on profit-taking before closing flat. Dana had soared 20 percent over the previous two days on news of a deal for it to obtain overdue payments from Iraqi Kurdistan.

At today’s close in Dubai, the DFM General Index rose by 0.49 percent to close at 3,642.08, while the ADX General Index lost 0.48 percent to settle at 4,457.12.

The losers outnumbered the gainers in Abu Dhabi Stock Exchange by 13 to 4 and 42 flat, while in Dubai Financial market the gainers slightly outnumbered the losers with 11 to 8 and 17 unchanged.

The best performers of the session in Dubai Financial Market General Index were, Emaar Properties PJSC rising 2.25 percent, Amlak Finance PJSC gaining 0.01 points and DXB Entertainments PJSC ending higher at 0.807.

The worst performers of the session in Dubai Financial Market General Index were, Union Properties PJSC falling by 2.02 percent, Takaful Emarat Insurance PJSC dropping 0.02 points and Dubai Financial Market PJSC ending slightly lower at 1.14.

The best performers in Abu Dhabi General Index were, Al Khaleej Investment Co PJSC surging by 15 percent, Abu Dhabi Islamic Bank PJSC gaining 0.07 points and Aldar Properties PJSC ending higher by 1.75 percent at 2.32.

Meanwhile, the worst performers in Abu Dhabi General Index were, National Takaful Co PJSC plummeting by 7.94 percent, Ras Al Khaimah Co. for White Cement and Construction Materials PSC losing 0.09 points and Agthia Group PJSC ending 4.04 percent lower at 5.22.


•          Egypt Stock Market

Egypt shares fell lower following their slight gains during the early minutes of today’s trade led by the losses of Consumer Non-Cyclicals and Financials, with the stock market index the EGX30 settling in the red at 13,317.89 dropping 97.16 points.

The best performers in on the EGX 30 were, Egyptian Financial and Industrial SAE surging by 9.95 percent, Porto Group Holding SAE adding 0.04 points and Amer Group Holding Co SAE ending higher at 0.32.

Meanwhile, the worst performers in EGX 30 were, Emaar Misr for Development SAE dropping by 2.77 percent, Eastern Co SAE losing 7.72 points and Commercial International Bank Egypt SAE settling by 1.94 percent lower at 85.45.

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