MENA shares finished on mixed notes in Dubai supported by NBD

MENA shares finished on mixed notes on Thursday’s trading session. As Bahrain, Dubai, and Egyptian market settled in the green at the end of today’s session.

Bahraini shares rose on Thursday’s trading session, as the primary index BAX index gained 0.58 percent to settle at 1,551.075 supported by the gains in Financials and industrials sectors which added 0.78 and 0.71 percent respectively.

In Qatar, Qatari equities ended today’s trading session in the red, as the primary benchmark QSI fell by 0.41 percent to finish the session at 10,253.19. pressured by losses in the basic Materials and Financials sectors.

Qatar National Bank, the Gulf's largest lender by assets, falling 1.2 percent while Qatar Islamic Bank fell by 1 percent.

Regarding oil news, U.S. Crude Oil rose on Thursday supported by the latest EIA Crude Oil Inventories report which showed that the U.S stockpiles fell by 4.771 million barrels significantly better than analysts’ expectations which were at 2.488 million to trade at 57.18 USD a barrel at 15:00 GMT. Furthermore, Brent prices also rose on today’s session to trade at 61.76 USD per barrel at 15:00 GMT.

 

Saudi Stocks Exchange:

Saudi Arabia's stocks were relatively unchanged in today’s session as the Saudi Arabia Main index (TASI) fell by 0.05 percent or 3.64 points to finish the session slightly lower at 8,054.75 as gains in the technology and Consumer Cyclicals sectors were offset by the losses in the telecommunication services sector.

According to a Reuters report, Saudi Arabia may have to revise down economic growth expectations as lower crude output, and falling oil prices are pressuring the economic activity,

The Saudi central bank forecast economic growth of 2 percent this year but economists now expect marginal growth at best or a slight shrinkage.

United Arab Emirates Stock Market:

United Arab Emirates' shares were mixed on Thursday’s session as the main index in Dubai was higher supported by its largest lender, Emirates NBD.

Abu Dhabi equities finished today's trading session in the red, as Abu Dhabi's leading benchmark ADI fell by 0.21 percent to settle at 5,114.091 due to losses in the industrials and telecom sectors that ended the session lower by 0.7 and 0.59 percent respectively.

In Dubai, the main index DFM rose by 0.38 percent to settle at 2,890.92 supported by gains in most sectors.

In stocks news, NBD rose by 1.5peecent while Dubai Islamic Bank, the United Arab Emirates’ largest sharia-compliant lender, added 0.6 percent Emirates NBD saw its fourth day of consecutive gains after it raised its foreign ownership limit to 20 percent from 5 percent.

But developers capped the gains with Emaar Properties, the emirate's largest listed developer, falling by 0.8 percent extending losses for the third day in a row.

According to a Reuters poll, Dubai's property prices have contracted by 25-35 percent since a mid-2014 peak and expected to decline sharply this year and next, as a slowdown in the economy and an oversupply of housing units pose significant downside risks to already weak outlook of real estate sector in the Emirate.

Egypt Stock Market:

Egypt's leading benchmark EGX30 ended Thursday’s trading session higher adding 0.62 percent or 91.8 points to settle up at 14,933.18 at the close.

In stock news, Ibnsina Pharma was the sessions best performer adding nearly 8 percent, followed by Orascom Development Egypt, which added 5.26 percent.

 

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