Most of MENA Equities ended today’s trading session in the mixed territories while Qatar and UAE shares rose to close the trading session in the green.
Bahrain equities ended the session up where Bahrain All Share Index added 0.25 percent or 3.325 points to settle up at 1,274.89 boosted by the gains in Basic Materials and Financials sectors while the other sectors remained flat.
Meanwhile, Kuwait stocks fell during Wednesday’s session as its leading Benchmark Boursa Kuwait 15 Index lost 0.52 percent or 5.24 points to end the session down at 1,004.77, losses which were generated by the sectors of Industrials and Financials have weighed on the equities.
Zain al Kuwait rebounded from the losses which accrued in previous sessions.As its stock added 0.20 percent. The company announced on Tuesday that it had signed a deal to sell and lease more than 1,600 telecommunication towers which worth around $165 million and the arrangement is expected to be completed by the first quarter of 2018.
However, Qatar’s equities continued its gains for the fourth trading session in a row after it hit five-year lows last week. The market’s primary benchmark QSI added 0.98 percent or 80.50 points to close the session in positive territory at 8,333.84, supported by gains in Energy and Industrials sectors. Moreover, Bourse data showed non-Gulf foreign investors were net buyers by a ratio of about 4:3 and accounted for 43 percent of all buying.
On Wednesday, oil prices fell to $50.70 a barrel at 15:30 GMT, pressured by OPEC oil production where its September’s output reached its highest level this year as it rose by 88,500 barrel a day from the previous month reaching 32.75 million barrel a day. Also, OPEC slightly increased its forecast for market demand on oil in 2017 and 2018.
Saudi Stock Market:
Saudi equities ended today’s session in red notes for the fourth consecutive session below its 200-day average, as TASI the leading index dropped significantly by more than 2 percent to settle at 6,889.98 at the close.
The index found pressure from all its sectors except the telecommunications services which ended the session edging slightly higher by 0.06 percent.On the other hand, utilities and Consumer non-Cyclicals dropped 3.46 percent and 3.02 percent respectively.
Regarding insurance companies stocks, all 33 insurance shares fell in Wednesday’s session, except Bupa Arabia.
Insurance companies shares slumped after regulators ordered nine insurance firms to stop business, citing regulatory violations. Moreover, the central bank is preparing a new supervisory framework to force insurance companies to improve their internal risk control and increase their capital.
United Arab Emirates Stock Market:
United Arab Emirates markets ended Wednesday's session in green territories.
Dubai’s primary benchmark DFM index rose by 0.8 percent to settle at 3,637.55 at the closes, as gains generated in the Utilities sector lift the index higher.
Abu Dhabi securities exchange index ended the session on green notes. Abu Dhabi’s primary benchmark ADI index rose by nearly 1 percent to trade at 4,514.99, supported by gains in the Energy and Basic Materials sectors.
Egypt Stock Exchange:
Egypt’s stock market fell on Wednesday’s session, Egypt’s primary index EGX 30 edged lower by 0.06 percent to settle at 13,816.05, the index found pressure from the Basic Materials and Energy sectors that fell by 3.58 percent and 1.51 percent respectively.
Regarding best-performing stocks, EFG Hermes Holdings rose by 3.43 percent followed by Global Telecom Holding that gained 2.34 percent.
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