INGOT Brokers AU | MENA market report (2017-10-02)

MENA market report (2017-10-02)

Most of MENA markets ended Monday’s session in mixed territories. While Egyptian markets registered yet another all-time high.

Bahrain index edged lower by 0.02 percent in Monday’s session to settle down at 1,283.462. The index was pressured by losses in the Basic Materials sector.

Kuwait’s stock market rose in today’s session; as Kuwait’s leading benchmark KW15 gained 0.09 percent to end the trading session at 1,016.93, the index found support from the Industrials sector that rose by more than 1 percent.

Meanwhile, Qatar's index found support form its blue-chip companies as banking sector helped the index to regain some of its previous loses.

The leading Qatari index QSI gained 0.12 percent in today’s session to settle at 8,301.79, these gains were generated in the HealthCare sector that rose by more than 2 percent.

In a time of high dividend yields, Masraf Al Rayan shares rose by 1.5 percent as it had a dividend yield of 5.5 percent.

Oil prices fell on Monday, influenced by the rise in Iraqi’s oil exports in September thus casting some shadows on the hopes of market re-balancing as well the rise of the U.S rigs count.

U.S crude oil fell to trade at $50.62 per barrel at 15:00 GMT, while Brent crude oil was trading at $55.71 a barrel at 15:00 GMT.



Saudi Stock Market:

Saudi equities edged lower in today’s session, as Tadawul All Share Index fell by 0.13 percent to settle at 7,224.10 at the close.

Regarding stock news, Shares of telecommunications operator Atheeb, tumbled by 3.1 percent. The company's stock was suspended by the capital markets regulator since the 25th of September.

The company stated that it is still waiting for the authorities to grant it a unified license so it can obtain a loan to build a new spectrum and pay fees to the telecom regulators.

After the new law passed by King Suliman to lift the ban on women driving shares of car-related companies continued its rising in Monday’s session.

Car rental company United International Transport climbed 3.2 percent and Saudi Automotive jumped 4.0 percent on the session.


United Arab Emirates Stock Market:

UAE Equity markets ended the session in green notes, as Dubai financial market index recovered some of its previous losses. That drove index lower last week.

Dubai’s primary benchmark DFM index edged higher by 0.45 percent for the third session to settle at 3,561.20 at the close.

Abu Dhabi securities exchange index ended the session on positive notes. Abu Dhabi’s primary benchmark ADI index rose by 0.38 percent to trade late in the session at 4,427.34.

Regarding stock news, Emaar Properties climbed 1.1 percent ahead of the valuation reveal of its local real estate development arm, in which it plans to offer a stake to the public.


Egypt Stock Exchange:

Egypt’s equities markets were higher in Monday’s  session Egypt’s primary index EGX 30 rose by 0.17 percent to settle at 14,000.43. According to market data, the index closed 102 points below its intra-day high, due to technical selling.

In the specific news front, Egyptian Chemical Industries, jumped nearly 10 percent on Monday. However, private equity firm Qalaa Holdings lost 3.8 percent after reporting net losses for the first half of the year.





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