Most of MENA markets ended Tuesday’s session in mixed territories, with the Saudi market being the worst performer of the session.
Bahraini shares broke a streak of sixth consecutive losses on Tuesday, Bahrain index gained 0.32 percent to settle down at 1,302.595. The index was supported by gains in the basic materials and industrial sectors.
Kuwait’s stock market fell for the second consecutive session; the Kuwait leading benchmark KW15 lost 0.6 percent to trade at 1,030.60 after losses in the Industrial and Telecommunications sectors pulled prices lower.
Meanwhile, Qatar’s stock market ended a 15 session losing streak after the index found support from local investors and funds who were net buyers, the weakening in the index is mainly caused by the current diplomatic situation which has lead foreign investor away from Qatari equities as no solution seems to be in clear sight.
Furthermore, Qatar has pumped $8 billion in its banking system to offset the impact of any withdrawals made by financial institutions in the neighboring countries due to the Gulf's diplomatic crisis. However, the foreign-currency deposits in Qatari banks fell to $41 billion in August down by more than $2 billion compared to July’s $43 billion.
Doha’s leading benchmark QSI gained 0.13 percent to end the session at 8,289.23. Furthermore, Qatar insurance lost 2.5 percent in Tuesday's session after it dropped 2.3 percent on Monday, the insurers share has been falling ever since the company announced that its Abu Dhabi branch would close because the authorities in Abu Dhabi refused to renew the company’s license.
Regarding oil news, U.S crude oil fell to trade at $50.04 per barrel at 16:00 GMT, while Brent crude oil edged lower to trade at $55.15 a barrel at 16:00 GMT.
Saudi Stock Market:
Saudi equities traded lower in today session, as Tadawul All Shares Index declined by 0.57 percent settling at 7,351.15 at the close. The index found pressure from losses in the basic materials sector.
Regarding stock-specific news, Airport service operator Saudi Ground Services share fell by 0.23 percent in today’s session after announcing a plan to distribute a dividend of 0.65 Riyals per share on Monday.
Regarding top performers in the Kingdom; Al Ahlia for cooperative insurance surged by nearly 4 percent. While national agriculture development gained 2.2 percent
United Arab Emirates Stock Market:
United Arab Emirates Equity markets ended the session on mixed notes on Tuesday, as Dubai index’s declined. Meanwhile, Abu Dhabi stocks advanced.
Dubai’s primary benchmark DFM index lost 0.15 percent to settle at 3,655.07 at the close. Pulled lower by Losses generated in the Consumer Cyclicals sector that dropped by more than 4 percent pressuring the index significantly.
Meanwhile, Abu Dhabi securities exchange index ended the session in the Green; the index found support from gains in the Consumer Cyclicals and energy sectors. Abu Dhabi’s primary benchmark ADI index advanced by 0.25 percent to trade late in the session at 4,464.11.
Regarding specific stock news, Dana gas rose by 1.3 percent as investors are anticipating the results of London High Court hearing over the validity of its Sukuk. Last week Dana dismissed a proposal from bondholders for a restructuring of the $700 million Islamic bond.
Egypt Stock Exchange:
Egypt’s equity market was higher in Tuesday's session; the leading Egyptian index EGX30 rose by more than 1 percent to trade at 13,730.00 points at the close, Egyptian shares found support from gains in the Consumer Cyclicals and Basic Materials sectors.
Regarding stocks news, Shares of Heliopolis for Housing value increased by 4.3 percent after the local financial Alborsa News said the company is planning to launch three new projects and saw its management set a sales target of $85.2 million for the year 2018.
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