MENA shares finished on mixed notes on Tuesday’s trading session. As Qatar stocks and Bahrain market settled in the green at the end of today’s session.
Bahraini shares rose on Tuesday, as the primary index BAX index gained around 0.16 percent to settle at 1,543.179 supported by the gains in Financials and Telecom sectors which added 0.27 and 0.25 percent respectively.
In Qatar, Qatari equities ended today’s trading session in the green, as the primary benchmark QSI stretched its gains for the
fourth straight session
adding 0.25 percent to finish the session at 10,300. Supported by the gains in the financials and energy sectors.
Regarding oil news, U.S. Crude Oil fell on Tuesday to trade at 53.38 USD a barrel at 17:00 GMT. Furthermore, Brent prices also fell on today’s session to trade at 57.64 USD per barrel at 17:00 GMT.
Saudi Stocks Exchange:
Saudi Arabia's stocks fell on Tuesday’s trading session as the Saudi Arabia Main index (TASI) fell by 0.59 percent to finish the session lower at 7,924.18 pressured by losses in the financials and healthcare sectors.
In corporate news,Investment bank EFG Hermes said on Wednesday that the investment case for Saudi banks is no longer "compelling" against a backdrop of receding passive fund flows and the emergence of credit quality concerns among others.
United Arab Emirates Stock Market:
United Arab Emirates' shares were lower on Monday’s session pressured by its properties shares.
Abu Dhabi equities finished today's trading session in the red, as Abu Dhabi's leading benchmark ADI fell by nearly one percent to settle at 5,105.123 due to the significant losses in financials and Utilities sectors that ended the session lower by 1.23 and 0.81 percent respectively.
In Dubai, the main index DFM fell by 0.46 percent to settle at 2,876.44 pressured by losses in Telecom Services and Industrials sectors.
In stocks news, Emirates NBD Bank PJSC was the best performer as the share rose by 14.85 percent, followed by Emirates Integrated Telecom Company PJSC that gained around 6.50 percent to finish the session in the green.
Emaar Properties, the emirate's largest listed developer, fell by 2.3 percent while Emaar Malls and Emaar Development were both 2.1 percent and 2.2 percent respectively. Heavy oversupply in the property market, an essential sector of Dubai's economy, has seen residential prices slide by at least a quarter since mid-2014.
On Monday, Dubai set up a real estate planning commission to regulate projects and avoid competition between semi-government and private firms, in a move designed to address the property market slump.
Egypt Stock Market:
Egypt's leading benchmark EGX30 ended Tuesday's trading session lower by 0.73 percent or 110.58 points to settle up at 14,999.58 at the close.
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