MENA shares closed Tuesday’s trading session in the mixed territory while oil prices fell slightly during today’s session.
Bahrain stocks were almost unchanged where the primary Bahraini benchmark Bahrain All shares index edged up by 0.02 percent or 0.212 points to settle at 1,276.69 supported by the gains in Industrials and Financials sectors while the losses in Telecommunication Services sectors have limited its profits.
Kuwait shares dropped today where its leading benchmark fell significantly by 1.25 percent or 12.23 points to close today’s trading session in the red territory at 967.81 pressured by the losses in all sectors except Consumer Cyclicals sector as it was flat today.
Moreover, Qatar equities were lower today where the main Qatari index QSI declined by 0.38 percent or 31.48 points or settle down at 8,165.06 as the losses in Telecommunication Services, Utilities, and Consumer Non-Cyclicals sectors.
On the oil front, oil prices fell slightly on Tuesday as investors locked in profits from the commodity’s recent gains, however oil prices still supported by the expectations that OPEC will agree to extend its production cut agreement beyond March 2018. U.S crude Oil was traded at 51.08 at 15:20 GMT.
Saudi Stock Market:
Saudi stocks fell today as TASI dropped by 0.16 percent or 10.91 points to settle down at 6,934.37 pressured by the losses in Consumer Non-Cyclicals, Healthcare, and Financials sectors.
Looking at individual shares, PetroRabigh jumped by 4.3 percent after the firm reported a 706 million riyals as o profit for the third quarter, added that its sales rose by 43 percent. A year earlier the company stated 211 million riyals as losses.
United Arab Emirates Stock Markets:
On the other hand, both Dubai and Abu Dhabi markets closed Tuesday’s trading session on positive notes.
Abu Dhabi stocks were up today where its leading index ADI added 0.51 percent or 22.95 points to settle up at 4,479.60 supported by the gains in Consumer Cyclicals, Financials and Consumer Non-Cyclicals sectors.
Dubai shares also rose today as its primary index added DFMGI added 0.17 percent or 6.01 points to close Tuesday’s trading session in the positive territory at 3,635.87 helped by the gains in Telecommunication services, Financials and Industrials sectors.
Looking at individual shares, Dubai Investments added 2.3 percent after the firm reported quarterly net profit attributable to shareholders of 350.4 million dirhams up from 334.4 million dirhams a year ago.
Egypt Stock Market:
Egyptian shares rose for the second session in a row where the main Egyptian index EGX30 advanced by 1.02 percent or 145.17 points to close the trading session up at 14,342.38 as the gains in Consumer Non-Cyclicals, Industrials and Financials sectors pushed the shares higher.
Jihad Azour, head of the International Monetary Fund's Middle East department, told Reuters this week that Egypt's economic reforms appeared to be working, with growth and revenues picking up in some areas.
He was speaking as an IMF delegation visited Cairo to review Egypt's reforms before providing another installment of a three-year, $12 billion loan deal which the IMF agreed last November.
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