INGOT Brokers Australia | MENA market report (2017-10-26)

MENA market report (2017-10-26)

Overview:

On the back of steady oil prices, most of MENA’s equities were approximately flat on Thursday.

Bahrain equities closed Thursday’s trading session in the red territory where Bahrain All Shares Index fell by only 0.08 percent or 1.08 points to close the session slightly down at 1277.38 pressured by the losses in Industrials and Financials sectors.

Meanwhile, Kuwaiti stocks were up today as its main benchmark KW15 added 0.31 percent or 3.08 pints to close the session in the green territory at 998.19 as the gains in the sectors of Financials and Telecommunication Services pushed the shares up.

Moreover, Qatari shares were slightly higher on Thursday where its leading index QSI added only 0.04 percent or 3.52 points to settle up at 8,128 helped by the gains in Utilities, Industrials and Financials sectors.

In oil pace, oil prices fell slightly by 0.07 percent where U.S crude oil was traded at 52.10 at 52.10 at 14:30 GMT. Oil prices supported by the tighter crude oil market but it found a pressure from an unexpected increase in U.S production.

 

Saudi Stock Market:

Saudi Stocks were almost steady where the primary Saudi Index TASI rose by 0.07 percent or 4.83 points to settle at 6,910.65 supported by the gains in all sectors except the sectors of Telecommunication Services as it fell by 3.98 percent and limited the TASI gains.

Looking at individual shares, Zain’s stock fell by 3.78 percent after the firm reported a decline of 38 percent in its capital.

United Arab Emirates Stock Markets:

Both Abu Dhabi and Dubai markets were down on Thursday.

Abu Dhabi Equities were lower today as its main index ADI dropped by 0.7 percent or 31.67 points to close the session in the red territory at 4,467.72 pressured by the losses in Basic Materials, Consumer Non-Cyclicals, and Financials sectors.

Moreover, Dubai shares dropped by 0.39 percent or 14.26 points to end the session on negative notes at 3,651.10 as the losses which generated by Consumer Cyclicals, Financials and Utilities sectors have weighed on the stocks.

Looking at individual stocks, First Abu Dhabi Bank, the largest bank in the United Arab Emirates, lost 1.9 percent after having reported an 18 percent drop in third-quarter profit on Wednesday.

Egypt Stock Market:

However, Egyptian stocks rose on Thursday as the primary Egyptian index added 0.39 percent or 54.09 points to close the session in the green at 13,955.74 helped by the gains in Energy and Telecommunication Services sectors.

 

 

 

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