MENA stock markets were mixed on Monday’s session, as TASI and BAX, finished the session lower while Abu Dhabi extends winning streak.
Bahraini shares fell on today’s session, where the main index BAX tumbled by 0.46percent or 6.987 points to settle at 1,527.173 due to the losses in Consumer Cyclicals, Financials, and telecommunications Services sectors.
On the other hand, Qatari equities ended today’s trading session in the green as the primary benchmark QSI rose by 0.4 percent to close the session at 10,542.240 due to the gains in the Gulf's largest lender Qatar National Bank closed higher by 1.5 percent and Industries Qatar rose by one percent.
Regarding oil news, Oil prices rose on Monday trading session, as U.S. WTI crude futures were higher to trade at 56.23 USD per barrel around 16:30 GMT. Brent crude futures were also higher to trade at 63.30 USD per barrel around 16:30 GMT.
Saudi Arabia's stock market dropped on Monday as banks, and petrochemical shares weighed on the index against a backdrop of political tensions in the region, as the primary index TASI dropped by 0.6 percent or 50.34 points to settle at 8,907.46.
In stocks news, the kingdom's largest petrochemical maker Saudi Basic Industries shed 1.8 percent, and it's the biggest lender National Commercial Bank was down by 0.7 percent.
Meanwhile, Saudi Kayan Petrochemical fell by 1.4 percent after it swung to a second-quarter loss, which it blamed on lower product prices and higher financing costs, while Saudi Arabia Fertilizers dropped by 1.9 percent after its profit for the same period was hurt by a production halt at one of its plants during maintenance.
United Arab Emirates' shares settled in today’s trading session in the green as both Abu Dhabi shares and Dubai ended higher.
The Abu Dhabi index gained 1.2 percent, rising for the fifth day running, boosted by First Abu Dhabi Bank which closed 1.5 percent higher after reporting a five percent rise in second-quarter net profit
Furthermore, Aldar Properties rose by 2.6 percent. After the market closed, the firm provided a progress update on recently awarded 5 billion dirhams ($1.36 billion) worth of projects. It also raised its annual profit guidance by 50 percent for the next three to four years.
In Dubai, the main index DFM was up by 1.3 percent. Blue-chip developer Emaar Properties climbed 2.5 percent after it struck a deal with Beijing Daxing International Airport for the joint execution of an $11 billion projects, that includes residential and leisure facilities.
Emaar units Emaar Development and Emaar Malls followed suit rising 2.8 percent and 2.6 percent, respectively.
In stock news, Cairo for Investment and Real Estate Development SAE was the best performer, which added 4.46 percent, while Arabia Investments Holding was the worst performer in the session, which dropped by 1.04 percent.
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