INGOT Brokers Australia | MENA market report (2017-11-02)

MENA market report (2017-11-02)

Equities in the MENA region ended today’s trading session mixed despite the Oil gains and the relativity high volume, where Egypt and Saudi Arabia's stock markets finished in the green. While Dubai and Abu Dhabi’s settled in the red.

Qatar’s stock market finished lower as well, affected by the thin trading volume as eight out of the ten most active shares were losers.

Oil futures are expanding their gains supported by OPEC and non-OPEC members in addition to Russia and Saudi Arabia’s support for expanding the cuts of their crude Oil productions.

Moreover, yesterday’s EIA inventories’ data that showed a decline of 2.4 million barrels led the Oil futures to break through their 60 US Dollars levels.

 

Saudi Arabia’s Stock Market:

Saudi Arab’s stock market index edged higher at today’s close to settle in the green at 6,956.51 after adding 8.02 points or 0.12 percent to recover from its decline during the early hours.

Meanwhile, the losers outnumbered the gainers, with 99 losers, 75 gainers and five flat shares.

Today’s trade was affected by the real estate developer Dar Al Arkan that plummeted by 9.94 percent as well as the loses in the Telecommunications services sector.

Furthermore, Chemanol lost 3.2 percent after reporting a third-quarter net loss of 9.9 million riyals and Al Ahlia Cooperative Insurance sunk by 3.5 percent despite swinging to a quarterly profit as gross written premiums grew by 23 percent.

On the other hand, Saudi Company for Hardware rose by 3.1 percent after posting an eight percent rise in quarterly profit on sales up 13 percent.

 

United Arab Emirates’ Stock Markets:

Both of United Arab Emirate’s stock markets settled lower in the red in today’s mostly down trending trading session, with Dubai Financial Market General Index falling by 0.34 percent to end at 3,622.24 and Abu Dhabi Securities Exchange Index dropping by 0.45 percent to close at 4,465.15.

These gains were led by the heavy losses of the Industrials, Healthcare and Consumer Non-Cyclicals sectors while having a relatively large number of flat shares.

Shuaa Capital surged by 7.4 percent in its heaviest trade since July, with some traders cited speculative buying before the announcement of third-quarter earnings early next week.

Emaar Properties was trading higher for most of today’s trading session before dipping into the red by the close. Emaar Development set a range of 5.7 dirhams to 6.9 dirhams per share for its IPO with the proceeds from the are expected to be paid to Emaar Properties shareholders as a special dividend by the end of January.

 

Egypt’s Stock Market:

Following the sharp gains in the early hours of today’s trade, the Egyptian shares managed to settle higher in the green but below the session’s highs. The EGX 30 rose by 0.29 percent or 42.05 points to end at 14,319.34 led by the large gains in the Telecommunication sector and despite the losers outnumbering the gainers.

Global Telecom Holding and Egyptian Iron and Steel Co were today’s largest gainers to rise by 4.62 and 4.37 percent respectively.

Moreover, the real estate developer Talaat Mostafa Group Holding gained 3.26 percent after reporting a 72 percent jump in nine-month consolidated net profit.

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