INGOT Brokers AU | MENA market report (2017-09-28)

MENA market report (2017-09-28)


Most of MENA markets ended Thursday’s session in mixed territories. Meanwhile, Egyptian markets registered the greatest gains amongst its peers ahead of the Egyptian central bank monetary policy meeting.

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 fell in Thursday’s session; as Kuwait’s leading benchmark KW15 dropped by 0.48 percent to trade at 997.37 at the close, the index found pressure from the Telecommunications Services and Industrials sectors.

Meanwhile, Qatar's index continued its steep decline coming close to its five years lows. As foreign funds were net seller according to boursa data.

The leading Qatari index QSI lost 1.29 percent in today’s session to settle at 8,312.43 as losses in the  Financials and Utility sectors weighed on share prices in Doha.

Banking shares were particularly weak, with Commercial Bank lossing more than 2 percent, while Qatar National Bank fell by 1.4 percent.

Regarding Oil news, Oil prices rose on Thursday, influenced by tensions in northern Iraq after Kurds voted in favor of independence in a referendum.

U.S. crude oil found some strength from a fall in U.S. inventories. Domestic crude reserves dropped by 1.8 million barrels last week, versus forecasts for a build of 3.4 million barrels.

U.S crude oil rose to trade at $52.55 per barrel at 14:00 GMT, while Brent crude oil was trading at $58.41 a barrel at 14:00 GMT.



Saudi Stock Market:

Saudi equities traded higher in today’s session, as Tadawul All Shares Index rose by 0.69 percent to settle at 7,283.01 at the close.

Regarding fiscal news, most blue-chip banks climbed following news of the successful sovereign bond sale, which attracted investor demand of around $40 billion.

According to analysts, this bond issuing is expected to help the government financing new projects and provide liquidity in the banking sector

 regarding stock news; Petrochemical shares were higher as Brent oil climbed over $58 a barrel.

Auto insurance, rental, and parts shares, which surged on Wednesday’s session in response to the ban lift on women driving mostly fell back. Al Rajhi Co for Cooperative Insurance fell by 2.5 percent.

 According to analysts, Saudi women will drive, but not necessarily buy new cars, Women who need to get around already have cars driven by chauffeurs.

United Arab Emirates Stock Market:

United Arab Emirates Equity markets ended the session in mixed notes on Thursday, 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 0.06 percent for the second session to settle at 3,563.99 at the close.

Abu Dhabi securities exchange index ended the session in the red. Abu Dhabi’s primary benchmark ADI index fell by 0.22 percent to trade late in the session at 4,397.40.

Regarding best-performing stocks, United Arab Bank jumped 15 percent followed by the National Bank of Fujairah which gained 10.45 percent.


Egypt Stock Exchange:

Egypt’s equities market were higher in Thursday's  session Egyptian shares found support from gains in Consumer Non-Cyclicals sector which rose by 2.5 percent.

Egypt’s primary index EGX 30 surged by 1.07 percent to settle at 13,888.51 as the Egyptian central bank was likely to maintain interest rates unchanged at its meeting later in the day.





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