INGOT Brokers AU | MENA market report (2017-09-27)

MENA market report (2017-09-27)

Overview:

Most of MENA markets ended Wednesday's session in red territories, with the Qatari market being the biggest loser today amongst its peers.

Bahrain index lost 0.56 percent for the third consecutive session to settle down at 1,283.776. The index was pressured by losses in the financial sector.

Kuwait’s stock market rose in Wednesday’s session; as Kuwait’s leading benchmark KW15 rose by 0.73 percent to trade at 1,002.18 at the close, supported by gains in the Industrials Services sector that rose more than 3 percent.

Meanwhile, Qatar's index ended a six-day winning streak as Non-Qatari Gulf investors, which had been net buyers of Qatari shares over the last few sessions, were net sellers in Wednesday session. Furthermore, Foreign funds were also net sellers.

The leading Qatari index QSI lost 1.73 percent in today’s session to settle at 8,421.20 pressured by massive losses in the basic materials sector which dropped more than 6 percent.

 

Regarding Oil news, Oil prices traded nearly unchanged intraday on Wednesday, as an unexpected decline in U.S. oil inventories helped maintained the market within sight of this week's 2015 highs.

U.S. crude stocks dropped by 761,000 barrels last week,as refineries increased production,dispite expectations for a fourth consecutive weekly increase.

U.S crude oil rose to trade at $51.73 per barrel at 15:00 GMT, while Brent crude oil was trading at $58.80 a barrel at 15:00 GMT.

 

 

Saudi Stock Market:

Saudi equities traded lower in today's session, as Tadawul All Shares Index edged down by 0.09 percent to settle at 7,233.31 at the close.

Regarding stock news, Shares of car insurance and rental companies jumped on the Saudi Arabian stock market on Wednesday after Saudi King Salman issued a royal order lifting the driving ban on women; the royal decree is expected to be implement by 24th of June, 2018, as per state news agency.

Shares in the auto insurance industry rose following the news, including Alrajhi for Cooperative Insurance, which jumped 6.8 percent in its largest trade volume since May. While Car rental company United International Transportation jumped 4.0 percent

On the other hand, investors were worried that index compiler FTSE might issue a negative verdict regarding upgrading Riyadh to emerging market status.

United Arab Emirates Stock Market:

United Arab Emirates Equity markets ended the session in mixed notes on Wednesday, Abu Dhabi index was in the red, while Dubai stock market ended the session in green territories.

Dubai’s primary benchmark DFM index edged higher by 0.02 percent to settle at 3,561.73 at the close.

Abu Dhabi securities exchange index ended the session in the red; as gains in the energy sector were offset by losses in the Consumer Non-Cyclicals sector. Abu Dhabi’s primary benchmark ADI index fell by 0.15 percent to trade late in the session at 4,407.00.

Regarding best-performing stocks, Ras Al Khaimah for White Cement and Construction Materials surged by nearly 15 percent followed by the National Bank of Fujairah which gained 11.67 percent.

 

Egypt Stock Exchange:

Egypt’s equity market traded higher in Wednesday’s session; Egypt's leading index EGX30 rose by 0.27 percent to trade at 13,740.82  at the close. Egyptian shares found support from gains in Consumer Non-Cyclicals sector which rose by nearly 3 percent.

Regarding central bank news. The central bank of Egypt is likely to maintain interest rates at its current levels in its monetary policy meeting this Thursday, according to Reuters

 

 

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