MENA markets ended Wednesday’s session in mixed territories. As the Qatari index Registered massive losses in the session.
Bahrain index edged lower by 0.32 percent in Tuesday’s session to settle down at 1,273.940. The index was weighed on by losses in the financial sector for the second consecutive session.
Kuwait’s stock market rose in today’s session; as Kuwait’s primary benchmark KW15 gained 0.22 percent to end the trading session at 1,023.53 the index found support from the telecommunications services sector that rose more than 2 percent.
Meanwhile, Qatar's index tumbled to a five-year low in Wednesday’s session as foreign funds are dumping Qatari equities ahead of the third quarter results.
The leading Qatari index QSI dropped by 1.59 percent in today’s session to settle at 8,152.98, these losses occurred in the Basic Materials sector that fell by more than 3 percent. Moreover, The index has lost nearly 18 percent of its value since the diplomatic crisis began the fifth of June this year.
The banking sector particularly took a hard hit in this crises as neighboring states have pulled out their deposits because of the diplomatic crisis.However, Qatar's central bank governor said that banks were not affected by the withdrawal of deposits and the government has sufficient amount of money to protect the banks, but he also stated that such an action is a last resort.
Oil prices edged higher on Wednesday, as data from the U.S Energy Information Administration showed that curd oil stockpiles dropped significantly more than expected.
The data showed that curd oil inventories have fallen by more than 6 million barrels much higher than Analysts expectation of 756,000 barrels
U.S crude oil fell to trade at $50.45 per barrel at 15:00 GMT, while Brent oil was trading at $55.94 a barrel at 15:00 GMT.
Saudi Stock Market:
Saudi equities rose in today’s session, as TASI the main index rose by 0.57 percent to settle at 7,285.75 at the close.
The index found support from the banking sector as Arab National Bank rose by 3.11 percent and National Commercial Bank climbed 1.8 percent.
According to analysts, the banking sector profits came from a slight rise in the interest margins and flat bad loan provisions.
On the other hand, Mediterranean and Gulf Cooperative Insurance slumped 5.5 percent after the company received a warning from the central bank regarding improving its capital adequacy ratio by the end of the year or it will be suspended from issuing new insurance policies.Furthermore, SABB Takaful dropped 3.6 percent yesterday after the regulator stopped the company from issuing insurance or savings products due to issues in its internal control.
United Arab Emirates Stock Market:
United Arab Emirates stock markets ended Tuesday's session in mixed territories.
Dubai’s primary benchmark DFM index rose by 0.80 percent in it most active trading session since August to settle at 3,598.65 at the close.
Abu Dhabi securities exchange index ended the session on red notes. Abu Dhabi’s primary benchmark ADI index fell by 0.17 percent to trade at 4,433.72.
Regarding stock news, Drake and Scull International surged almost 15 percent after it increased its capital by half a billion as a part of its capital restructuring program.
Egypt Stock Exchange:
Egypt’s stock market continued its decline for the second consecutive session after it ended a six-day positive streak on Tuesday's session, Egypt’s primary index EGX 30 fell by 0.35 percent to settle at 13,881.97.
Regarding best-performing stocks, Egyptian Iron and Steel rose by almost 10 percent followed by Arabtec Holding that gained 4.9 percent.
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