MENA equities ended today’s session mostlky in red territories, weighed down by political turmoil in the Gulf region as the embargo on Qatar continues to weigh on markets in the region.
Qatar leading benchmark QSI index fell to 52- Month lows as foreign investors were net sellers yet again, QSI decreased by 0.71 percent to end the session at 8,471.60.
Doha’s economy has been a victim of embargo enforced by Saudi Arabia, United Arab Emirates, Bahrain, and Egypt. Foreign and Arab investor sold as no progress has been made to find a diplomatic solution between the neighboring states.
Qatar Navigation tumbled by 5.3 percent, and Qatar International Islamic Bank fell by 2.8 percent.
Saudi Stock Market
Saudi Arabian equities ended today’s session in negative territory, as TASI lost 0.15 percent to trade lower at 7,400 points, pressured by the losses in Energy, Consumer Cyclicals, and Telecommunication Services sectors.
Looking at individual stocks in the kingdom, Credit Agricole announced that it is selling its stake in Banque Saudi Fransi at a substantial discount for 1.54 billion dollars.
Moreover, Further adding pressure on the stock is that under the terms of the deal, Credit Agricole can sell another 5 percent through an off-market block trade, and a year after the deal, the French bank has the right to sell its entire 9.9 percent stake in the Banque Saudi Fransi.
United Arab Emirates Stock Market
United Arab Emirates Equities ended the session mostly higher, Markets in Dubai edged lower to almost unchanged levels, while markets in Abu Dhabi advanced to end the session in positive territories.
In Dubai, Equity market edged lower 0.03 percent pressured lower by significant losses in the Consumer Non-Cyclicals sector. Dubai’s Main index DFM fell by a small margin of 0.03 percent to trade at 3,652.88 at the close.
Meanwhile, Abu Dhabi securities exchange index ended the session in the green, the index found support from significant gains in the Financials sector. Abu Dhabi’s primary benchmark ADI index surged by 0.71 percent to trade late in the session at 4,470.12.
Looking at individual stocks, sales of United Arab Emirates properties are being permitted in this year’s annual Cityscape exhibition that will be held in Dubai. Deyaar announced on Monday that it will launch a new $272 million hotel and residential project at the exhibition.
Egypt Stock Market
Egypt’s shares ended today’s trading session in the red, as losses in Industrial, Consumer Cyclicals, and Telecommunications services sector pulled equities lower. EGX 30 index tumbled by 0.43 percent to settle lower at 13,474.88.
Looking at Specific stock new, Egypt Aluminum announced that it is considering whether to expand its annual production capacity by 250,000 tons. Additionally, the firm’s board gave the green light for a capital increase to 5 billion Egyptian pounds from 1 billion pounds, while also saying that it would give one stock for every existing share as stock dividends.
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