MENA’s equities ended Tuesday’s session in mixed territory while oil prices fell today.
On Tuesday, Bahrain’s equities closed today’s trading session in the green where its primary benchmark added 0.35 percent or 4.479 points to settle up at 1,282.73 supported by the gains in Basic Materials and Financials sectors with only two shares closed today’s session on negative notes.
Moreover, Kuwaiti stocks were up today where main Kuwaiti benchmark rose by 0.13 percent or 1.28 points to close the session up at 1,008.41 supported by the gains in the sectors of Industrials and Financials sectors while only Telecommunication Services sector closed today’s session in red territory.
Meanwhile, Qatar’s equities fell during today’s trading session where its leading benchmark QSI lost by 0.85 percent or 70.44 points to close the session in the red territory at 8,229.27 pressured by losses in all sectors except the sectors of Healthcare and Utilities where both remained flat today.
Moreover, only the stock of Masraf Al Rayan gained today as it edged up by 0.03 percent after its profit for the third quarter of this year beat the expectations, where the bank reported that its quarterly net profit for the quarter ending September’s month rose sharply by 6.5% reaching $149 million.
According to Reuters, "The region is dominated by retail investors, and they will tend to wait for more corporate results to decide" whether to buy stocks, said Talal Samhouri, head of asset management at Amwal LLC in Doha. "Even the volumes are not huge these days."
Oil prices rose in the past two sessions as the decline in U.S oil inventory and as OPEC expecting a strong demand in 2018. However, on Tuesday oil prices fell to trade at $51.58 per barrel at 15:15 GMT.
Saudi Stock Market:
Saudi’s stocks rose in today’s trading session where Saudi’s primary benchmark TASI added 0.22 percent or 15.33 points to close the session up at 6,992.30 supported by the large gains which have been generated by Utilities Sector.
Looking at specific stocks, after the large losses in Insurance sector last week due to investors expectations of a shakeout in the industry caused by stricter regulations, Malath Insurance surged by 9.9% after the trading period for its rights issue ended.
United Arab Emirates Stock Market:
Both Abu Dhabi and Dubai markets fell today to close the session in the red.
Abu Dhabi’s stocks dropped during today’s session where the market’s primary benchmark ADI tumbled by 0.77 percent or 34.79 points to close the session down at 4,488.72 pressured by the losses in Energy, Financials and Telecommunication services sectors.
Moreover, Dubai’s shares closed Tuesday’s trading session on negative notes as Dubai General Financial Market Index fell by 0.39 percent or 14.11 points to settle down at 3,643.37 points as the losses in Basic Materials and Telecommunication services sectors have weighed on the stocks.
Looking at specific stocks, Dana Gas continued its losses as it fell today by 2.7 percent where it has been sliding since a London court adjourned hearings last week on its attempt to avoid redeeming $700 million of maturing sukuk.
Egypt Stock Market:
Egyptian shares rose slightly today as its main index EGX30 added only 0.23 points to close the trading session at 13,525.48 helped by the gains in Basic Materials and Telecommunication services sectors.
However, its gains were limited by the losses in Consumer Non-Cyclicals and Energy sectors.
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