INGOT Brokers AU | MENA market report (2017-10-18)

MENA market report (2017-10-18)

Overview:

MENA’s equities ended Wednesday’s trading session in mixed territory, while oil prices rose on the back of the political tensions in the region.

Kuwait’s equities ended today’s trading session flat as its primary benchmark unchanged from Tuesday’s closing price at 1,008.37 where three sectors gained today while the other two sectors remained flat.

Meanwhile, Qatari equities closed the trading session in the red territory where its Primary Benchmark fell by 1.03 percent or 85.16 points to settle down at 8,144.11 points pressured by the losses in all sectors with only one share gained today.

Also, the political crises between Qatar and other Arab states pressured the Qatari property market, where Ezdan holding and United Development Stocks fell by 2.0 and 2.3 percent respectively.

The political tensions between Iraq and Kurdistan have threatened oil Exports; this led the oil prices to rose at $52.00 a barrel at 17:50 GMT.

Saudi Stock Market:

Saudi’s equities ended today’s trading session on negative notes where its leading benchmark Tadawul All Shares Index dropped by 0.72 percent or 50.52 points to close the market down at 6,941.78 points pressured by the losses in all sectors except the sector of Energy as it edged up by 0.02 percent.

 The stock of the construction firm Khodari dropped by 0.9 percent after the company stated that its net loss for the third quarter of this year is 22.9 million riyals, higher than expected by 10.9 million riyals.

United Arab Emirates Stock Market:

UAE stock markets were higher today as both Abu Dhabi and Dubai equities ended today’s session on positive notes.

Abu Dhabi’s shares closed Wednesday’s trading session in the green territory where its primary benchmark added 0.30 percent or 13.33 points to close at 5,502.05 points supported by the gains in Energy and Financials Sectors.

Also, Dubai’s stocks were higher today where the market’s leading benchmark gained 0.06 percent or 2.07 points to settle up at 3,645.44 points supported by the gins in Telecommunication Services sector. However, its profits were limited by the losses in Consumer Cyclicals, Non- Cyclicals and Financials sectors.

Looking at specific stocks in the market, Al Deyar’s share fell by 0.4 percent after the firm reported that its quarterly net profit declined by 41 percent from the last year during the quarter ending September 2017.

Moreover, Damac Property reported a 20perecnt decline in its quarterly profit, but its stock closed flat today.

Egypt Stock exchange:

Meanwhile, Egyptian shares closed today’s session up where its main benchmark EGX30 climbed by 0. 48 percent or 64.67 to settle up at 13,590.15 supported by the gains in Basic Materials and Financials Sectors.

 

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