INGOT Brokers AU | MENA market report (2017-09-25)

MENA market report (2017-09-25)

Overview:

Most of MENA markets ended Monday’s session in red territories, with the Qatari market being the best performer of the session.

Bahrain index lost 0.9 percent to settle down at 1,291.888. The index was pressured by losses in the financial and industrial sectors.

Kuwait’s stock market fell in Monday’s session; Kuwait’s leading benchmark KW15 tumbled by 1.69 percent to trade at 991.64, after losses in the Consumer Non-Cyclical and Financial sectors pulled prices lower.

Meanwhile, Qatar's index rose by 0.6 percent, as local investors stepped up their acquisitions of Qatari shares. Furthermore, local investors accounted for roughly 10 percent of total market turnover.

Fund managers from the six-nation Gulf Cooperation Council, apart from Qatar, dumped Qatari shares after four Arab states cut relations with Doha in June.

Regarding stock news, nearly two-thirds of the 20 most valuable Qatari companies gained on Monday’s session, including Qatar Islamic Bank, which added 2.6 percent.

In terms of Oil news, Oil prices hit its eight-month highs on Monday after major oil producers stated that the global market was on its way towards rebalancing.

On the other hand, Turkey threatened to cut oil pipelines coming from Northern Iraq, in an attempt to add pressure on Iraq’s Kurdistan region following their continued effort for an independence referendum. 

U.S crude oil rose to trade at $51.34 per barrel at 15:00 GMT, while Brent crude oil climbed higher to trade at $58.25 a barrel at 15:00 GMT.

 

Saudi Stock Market:

Saudi equities traded lower in today session, as Tadawul All Shares Index dropped 1.39 percent to settle at 7,224.13 at the close. The index found pressure from losses in the Consumer Non-Cyclicals sector.

Furthermore, the index fell as Rumors that FTSE could delay upgrading the Saudi market to emerging-market status.

According to fund managers, the Saudi stock index fell 1.4 percent on Monday because investors were concerned that FTSE might delay the upgrade because foreign investors lacked enough access.

On the other hand, if FTSE decides to upgrade Riyadh to emerging market status Analyst projected that roughly $3.2 billion to $3.7 billion of passive funds could flow into the Kingdom.

Stocks of major companies that would probably be included in FTSE's emerging market index were the worst performers on Monday. Samba Financial Group and dairy maker Almarai fell by 2.9 percent and 3.0 percent respectively.

 

United Arab Emirates Stock Market:

United Arab Emirates Equity markets ended the session in the red on Monday, as both Dubai and Abu Dhabi stocks markets declined

Dubai’s primary benchmark DFM index lost 0.86 percent to settle at 3,569.42 at the close. Pulled lower by losses generated in the Utility sector, the sector lost nearly 2 percent.

Abu Dhabi securities exchange index ended the session in the red; the index found pressure from loses in the Energy sector, that tumbled by more than 4 percent. Abu Dhabi’s primary benchmark ADI index fell by 0.67 percent to trade late in the session at 4,410.63.

Regarding specific stock news, Dana gas dropped by 4.1 percent, making its losses since Wednesday to more than 10 percent, the firm's price fell on uncertainty regarding the outcome of the London High Court trial on the validity of its Islamic bonds.

 

Egypt Stock Exchange:

Egypt’s equity market traded higher on Monday’s session; Egpyt's primary index EGX30 rose by 0.49 percent to trade at 13,674.42 at the close. Egyptian shares found support from gains in Industrials and Consumer Cyclicals sectors.

Regarding best-performing stocks in EGX 30, Abu Dhabi Islamic Bank Egypt jumped 10 percent, while Tourism-related companies were some of the top gainers of the session, with Egypt Resorts surging by 9.8 percent in unusual heavy trade.

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