MENA markets ended Tuesday's session in mixed territories. While Egyptian market fell ending a six-day positive streak after registering all-time high yesterday.
Bahrain index edged lower by 0.42 percent in Tuesday’s session to settle down at 1,278.068. The index was weighed on by losses in the financial sector.
Kuwait’s stock market rose in today’s session; as Kuwait’s leading benchmark KW15 gained 0.43 percent to end the trading session at 1,021.31, the index loses in the Consumer Non-Cyclicals sector were outweighed by telecommunication services and financial sectors gains.
Meanwhile, Qatar's index was pressured by the banking shares, The leading Qatari index QSI fell by 0.21 percent in today’s session to settle at 8,284.68, these losses occurred due to the losses in the Basic Materials sector that fell by more than 2.5 percent.
Regarding stock news, Qatar First Bank and Qatar National Bank were all weak in today’s session. Masraf Al Rayan dropped by 1.34 percent after gaining 1.5 percent in the previous session.
Oil prices edged lower on Tuesday, as traders locked-in in their profits on some large positions after oil prices were raising in the last few weeks supported by tension in Northern Iraq that surfaced after Kurds voted for independence, which also forced Turkey to respond by threatening to cut the pipelines that deliver oil to the Mediterranean.
U.S crude oil fell to trade at $50.44br per barrel at 15:00 GMT, while Brent crude oil was trading at $56.07 a barrel at 15:00 GMT.
Saudi Stock Market:
Saudi equities edged higher in today’s session, as Tadawul All-Share Index rose by 0.28 percent to settle at 7,244.38 at the close.
Regarding stock news, petrochemical companies rose ignoring another fall in the oil prices. Advanced Petrochemical gained 1.4 percent after registering a 10 percent year-on-year rise in the third quarter.
SABB Takaful the Sharia-compliant insurer dropped 3.6 percent after financial regulator stopped the company from issuing insurance and saving products, the regulators stated that the company had some issues in its internal control.
United Arab Emirates Stock Market:
United Arab Emirates stock markets ended Tuesday's session in green territories for the second consecutive session.
Dubai’s primary benchmark DFM index rose by 0.25 percent for the fourth convective session to settle at 3,570.20 at the close.
Abu Dhabi securities exchange index ended the session on positive notes. Abu Dhabi’s primary benchmark ADI index rose by 0.31 percent to trade at 4,441.13.
Regarding stock news, Emaar Properties climbed 0.5 percent . after its local real estate development business is preparing for an initial public offering, which is estimated at $6.5 billion.
Egypt Stock Exchange:
Egypt’s stock market ended a six-day positive streak on Tuesday's session, as Egypt’s primary index EGX 30 fell by 0.5 percent to settle at 13,930.73.
According to analysts the fell in the index is attributed to technical selling as most traders locked-in their profits.
Regarding equities’ news, Investment bank EFG Hermes fell more than 5 percent, losing 7.3 percent in the past two days.
While Alexandria Flour Mills surged by 10 percent during the session, as the company declared changes on its board.
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