Despite the sharp increase in oil prices, most of MENA market’s were lower in Tuesday’s trading session while Abu Dhabi and Qatar stock market ended the trading session in the green territory.
For the second session in a row, Bahraini stocks ended the session in negative territory where its main benchmark Bahrain All Shares index fell by 0.12 percent to settle down at 1,271.66 as the losses which generated by Financials sector have weighed on the stock.
Also, Kuwait shares ended the trading session in negative territory where its leading benchmark KW15 fell by 1.54 percent or 15.82 points to close the session down at 1,010.01 pressured by the losses in all sectors, while only the stock of Mabanee Company KPSC who gained today, added 0.63percent.
Zain Al Kuwait, the parent of Zain Iraq, fell by 3.6percent, pressured by the news that Iraq’s central government will try to force mobile phone firms to move their headquarters to Baghdad after the referendum on Kurdish independence.
On Tuesday Zain Co. reported that the firm had signed a deal to sell and lease back more than 1,600 telecommunication towers which worth about $165 million. The firm added that it expects to complete the deal in the first quarter of 2018. However, the deal size is too small to have a significant impact on profits.
Earlier this week, Oman Telecommunications reported that it plans to buy further 12percent stake in Zain telecoms in Kuwait.
Meanwhile, Qatar’s stocks were up during today’s trading session as its main benchmark added 0.49 percent or 40.48 points to close the session up at 8,253.34 helped by the gains in Healthcare, Basic Materials and Industrials sectors.
Foreign investors from outside the Gulf were net buyers by a considerable margin and accounted for nearly 40 percent of buying, bourse data showed.
Gulf investors were still almost absent, still deterred by the diplomatic crisis between Qatar and its neighbors that erupted in June.
On Tuesday, oil prices rose sharply to trade at $50.79 a barrel at 15:00 GMT, the prices of oil supported by Saudi Arabis export cuts in November where the country cut its exports by 560,000 barrel per a day. Moreover, OPEC countries decided to reduce the production of oil by 1.8 million bpd until March 2018.
Saudi Stock Market:
Saudi equities ended today’s session in red notes for the third consecutive session, as TASI the leading index dropped by 1.02 percent to settle at 7,041.28 at the close.
The index found pressure from the Consumer Non-Cyclicals sector which fell nearly 2 percent.
Regarding specific stock news, bank Al-Jazira slumped 10 percent after the company announced that it is going to resubmit a request to the regulating authorities to approve a $800 million rights issue.
United Arab Emirates Stock Market:
United Arab Emirates markets ended Tuesday’s session in mixed territories.
Dubai’s primary benchmark DFM index edged lower by 0.06 percent to settle at 3,608.82 at the closes. As losses in the Consumer Non-Cyclicals sector dragged stocks lower.
Abu Dhabi securities exchange index ended the session on green notes. Abu Dhabi’s primary benchmark ADI index rose by 0.48 percent to trade at 4,472.04.
Egypt Stock Exchange:
Egypt’s stock market fell on Thursday’s session the, Egypt’s primary index EGX 30 fell by 1.03 percent to settle at 13,824.08, the index found pressure from the Energy and Financials sectors that fell by 2.7 percent and 2 percent respectively.
Regarding best-performing stocks, Egyptian Iron and Steel rose by 5.68 percent followed by Medinet Nasr for Housing and Development that gained 3.88 percent.
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