Most of MENA markets ended Wednesday’s session in mixed territories, with the Kuwaiti market being the worst performer of the session.
Bahrain index gained 0.41 percent in Wednesday’s session to settle at 1,307.946. The index found support by gains in the financial sector.
Kuwait’s stock market fell for the third consecutive session; Kuwait’s leading benchmark KW15 lost 0.87 percent to trade at 1,307.946 after losses in the Industrial and Telecommunications sectors pulled prices lower.
Meanwhile, Qatar’s stock market ended a 15 session losing streak on Tuesday after the index found support from local investors and funds who were net buyers, The market has realised Qatar is currently the most undervalued market in the region.However, the benchmark Qatari index is still down by 18.5 percent so far this year.
Furthermore, Qatar has pumped $8 billion into its banking system to offset any withdrawals that could be made by financial institutions in neighboring countries due to the Gulf's diplomatic crisis. Furthermore, the foreign-currency deposits in Qatari banks decresed by 2 $billions in August.
Commercial Bank was the top gainers amongs blue chip banks, adding 1.57 percent, followed by Doha Bank who was up by 1.45 percent.
Doha’s leading benchmark QSI index gained 0.71 percent to end the session at 8,348.05 points. As gains in the the energy and industrial sectors led prices higher.
Regarding oil news, Oil prices rose after Iraqi oil minister stated that iraq and its opec partners are open to the idea of extending or deepening output cuts.
U.S crude oil rose to trade at $50.66 per barrel at 14:00 GMT, while Brent crude oil edged higher to trade at $56.16 a barrel at 14:00 GMT.
Saudi Stock Market:
Saudi equities traded lower in today session, as Tadawul All Shares Index declined by 0.43 percent settling at 7,319.84 at the close. The index found pressure from losses in the basic materials and financial sectors.
Regarding the telecommunication sector, Saudi Arabia said it would lift the ban on internet phone calls, according to Adel Abu Hameed, spokesman for the telecommunication regulator CITC said on Wednesday. The govermnt dessisiobthis lift of the ban is part of efforts to attract more business to the country.
United Arab Emirates Stock Market:
United Arab Emirates equity markets ended the session in red terratories on Wednesday,
Dubai’s primary benchmark DFM index lost 0.62 percent to settle at 3,632.54 at the close. Pulled lower by Losses incurred in the telecommunication services and healthcare sectors.
Meanwhile, Abu Dhabi securities exchange index ended the session in the red; the index was pressured by losses in the utilities and energy sectors. Abu Dhabi’s primary benchmark ADI index lost 0.20 percent to trade late in the session at 4,455.09.
Regarding stock specific news, Dana gas fell by 1.27 percent, nearly 52 million shares of Dana gas were traded durring the session, that accounted for nearly 57 percent of the total volume traded on the session.
London high court postponed the hearing regarding Dana gas Sukkuk validility to next Thursday after a UAE injunction issued last Sunday, prohibited the firm from taking part in the proceedings. However, The judge said the trial could proceed regardless of whether all parties were present
Egypt Stock Exchange:
Egypt’s equity market was lower in Wednesday’s session the leading Egyptian index EGX30 slipped by more than 0.25 percent to trade at 13,695.33 points at the close, Egyptian shares found pressure from losses in the industrial and telecommunication sectors.
Regarding best preforming stocks, Abu Dhabi Islamic bank Egypt surged by 9.92 percent. Followed by Alexandria Mineral Oils Co and Orascom Telecom Media and Technology Holding gaining 1.92 and 1.41 respectively.
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