INGOT Brokers AU | MENA market report (2017-10-23)

MENA market report (2017-10-23)

Overview:

Most of MENA’s equities ended Monday’s session in the red, while oil price fell in today’s session. However, only Egypt and Abu Dhabi equities closed today’s trading session on positive notes.

Kuwait’s equities were lower today as its main benchmark KW15 fell by 0.12 percent or 1.22 points to settle down at 1000.98 as the losses which generated by Industrials, Telecommunication Services, and Financials sectors have weighed on the stocks. On the other hand, consumer Cyclicals sector added 11.36 percent, while Consumer Non-Cyclicals sector remained flat.

Moreover, Qatari stocks closed Monday’s session in the red where Qatar’s primary index QSI fell by 0.50 percent or 40.92 points to close down at 8,117.41 pressured by the losses in all sectors except the sectors of Healthcare as it gained 1.46 percent.

On Sunday, the U.S Secretary of State Rex Tillerson has arrived in Doha, said there was little chance of a swift breakthrough to resolve a blockade imposed on the Gulf state by Saudi Arabia and its Arab allies.

Iraq’s oil exports fell by 110,000 barrel per a day during this month due to the political tension in the area. However, Southern exports are stable in recent months.  Oil prices fell on Monday to trade at 51.97 at 15:30 GMT.

Saudi Stock Market:

Saudi equities closed today’s session where it leading benchmark fell by 1.27 percent or 88.80 points pressured by the losses in all sectors except Utilities sector where it added 0.76 percent.

Moreover, TASI found pressure from the losses in the banking sector where NCB reported an increase in its profit by 8.4 percent in the third quarter of this year but lower than expectations by 5 percent, its stock dropped by 4.8 percent during today’s session.

Meanwhile, despite that Bank Al-Jazeera reported an increase by 41 percent in its third-quarter profit reaching 228 million riyals; its stock fell by 1 percent.

Saudi Arabia's Etihad Etisalat (Mobily) sank 7.3 percent after it reported a third-quarter loss on Monday, blaming a rule introduced last year requiring fingerprints be registered with SIM cards for shrinking the telecom market.

United Arab Emirates Stock Market:

UAE’s stock markets were mixed during today’s session where Abu Dhabi stocks edged up today while Dubai shares lost.

Abu Dhabi shares were slightly up today as its main index ADI edged up by 0.01 percent or 0.42 points to close the session in green territory at 4,498.71 points supported by the gains in Consumer Cyclicals and Telecommunication Services. However, its gains were limited by the losses in the rest of the sectors.

Dubai’s equities closed Monday’s trading session in negative territory where its primary index DFMGI tumbled by 0.70 percent or 25.45 points to settle down at 3,618.24 pressured by the losses in Financials and Telecommunication Services sectors.

In Dubai,  Emaar properties drooped by 2.3 percent after the firm announced that It would sell 20 percent of its proprieties development unit next month in initial public offering.

Egypt Stock Market:

Meanwhile, Egyptian shares were up today as it's primary index added 1.20 percent or 164.28 points to settle up at 13,870.34 supported by the gins in Energy and Financials Sectors.

Looking at individual stocks, Juhayna Food industries advanced by 4.2 percent after the firm reported that its consolidated net profit had been rose by 12 percent in the quarter ending September 2017.

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