INGOT Brokers AU | MENA market report (2017-09-11)

MENA market report (2017-09-11)

MENA equities ended today’s session in mixed territory, QSI declined to hit 19 month-low, while weaker inflation data in Egypt helped lift equity prices.

QSI dropped by 0.35% to close down at 31.72, reaching its worst level since January 2016, pressure by accusations made by Saudi Arabia towards Doha, the Kingdom accused Qatar of distorting facts after leaders of both countries spoke on the phone last Saturday. Moreover, KSA has suspended dialogue with Doha.

Even though Qatar believes that they have enough financial resources to deal with this crisis, Qatar’s central bank shrank its foreign reserve by $10.4 billion to $24.4 billion, as Qatar’s banks are facing higher funding costs since other Gulf’s countries withdrew their deposits.Meanwhile, Doha’s biggest lender QNBK dropped by 2% in today’s session.

Saudi Stock Market:

Saudi Arabian equities ended today’s session in positive territory as TASI gained 0.5% to settle up at 7,411 points, supported by the gains in Financials, Utilities and Healthcare sectors.

Nama Chemicals added 2.1% during Monday’s session after its stock gained 9.5% in the previous trading session, the chemical firm found support after it reported a decline in the company’s  second quarter net losses which fell to 2.57 million riyals compared with last year losses of 31.44 million riyals.

Moreover, Morgan Stanley upgraded Saudi British Bank stock from equal-weight to over-weight, Saudi British bank’s share advanced by 2.6% on the news.

United Arab Emirates Stock Market:

United Arab Emirates Equities ended the session on mixed notes, Markets in Dubai gained while markets in Abu Dhabi ended the session in red territory.

In Dubai, Equity market added 0.18%, after a surge in the Consumer Non-Cyclicals sector helped lift shares. Dubai’s Main index DFM advanced by 0.18% to trade at 3,654.04 at the close.


Meanwhile, Abu Dhabi securities exchange index end the session in the red, the index found Pressure from losses in the Energy sector. Abu Dhabi’s primary benchmark ADI index dropped 0.16%% to trade late in the session at 4,438.46.

Looking at individual stocks, Direct sales of United Arab Emirates properties are being allowed at this year's annual Cityscape exhibition in Dubai for the first time in a decade. Deyaar said in a stock exchange statement on Monday that it was launching a new 1 billion dirham ($272 million) residential and hotel project at Cityscape.

Egypt Stock Market:

Egypt’s shares ended today’s trading session in the green as the gains in Industrials sector supported the equities. EGX added 0.58% to settle higher at 13,533.24.

Moreover, Egyptian equities found support from a decline in the annual urban consumer price inflation where inflation fell to 31.9% in August from 33.0% in July.  If inflation continues to fall, it could allow the central bank to ease policy late this year.




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