MENA equities were mixed on Monday on the back on the political issues in KSA while oil prices pushed higher.
Bahrain equities closed Monday’s session in the red where its main benchmark Bahrain All Shares Index fell by 0.93 percent or 11.891 points to close down at 1,265.64 pressured by the losses in Financials, Telecommunication Services, and Consumer Cyclicals sectors.
Moreover, Kuwait shares were down where KW15 dropped by 3.37 percent or 35.57 points to settle down at 918.74 pressured by the losses in all sectors.
Meanwhile, Qatari stocks also fell by 1.38 percent or 112.18 points to close today’s trading session in the red at 8,014.71 pressured by the losses in all sectors. Only one share gained today under QSI; Masraf al Rayan QPSC gained 0.14 percent.
In oil pace; oil prices rose on Monday to hit its highest rate since July 2015 after the Crown Prince of Saudi Arabia raise his power by launching an anti-corruption purge.
In political news, the Saudi Arabia arrested 11 princes including the billionaire Prince Al Waleed Bin Talal, and dozens of current and former ministers on the back of corruption issues.
Saudi Arabia Market:
Saudi equities were slightly up today where primary Saudi Benchmark rose by 0.09 percent or 6.14 points to settle higher at 6,984.87 points supported by the gains in Energy, Utilities and Telecommunication Sectors.
Kingdom Holding plunged 7.6 percent and National Industrialization Co, in which Kingdom holds a 6.2 percent stake, fell 1.7 percent. On the other hand, National Commercial Bank, the biggest lender, climbing 0.9 percent.
Both Abu Dhabi and Dubai markets fell on Monday’s trading session to close the markets on negative notes.
Abu Dhabi shares were lower today as its leading index dropped by 0.35 percent or 15.45 points to settle down at 4,435.21 pressured by the losses in Financials, Telecommunications Services, and Industrials sectors.
Also, Dubai shares fell sharply where Dubai’s main index DFMGI dropped sharply by 1.16 percent or 41.44 points to close Monday’s trading session in red territory at 3,544.08 as the losses in Utilities, Industrials and Consumer Non-Cyclicals sectors have weighed on the stocks.
Deyaar Development fell by 2.6 percent, and blue chip Emaar Properties lost by 1.4 percent.
Egypt Stock Market:
Also, Egyptian equities were lower today where primary Egyptian index EGX30 tumbled by 0.78 percent or 110.85 points to settle lower at 14,072.92 as the losses in all sectors except the sector of Consumer Non-Cyclicals have pressured the shares.
The real estate firm Talaat Mostafa was the second-worst performer as its share fell by 5.29 percent, after surging on Thursday on the back of strong quarterly earnings.
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