INGOT Brokers AU | MENA Market Report (2017-10-30)

MENA Market Report (2017-10-30)


Most of MENA’s equities fell on Monday as oil prices were lower; however, Qatari and Egyptian shares closed the session in the green Territory.

Bahraini stocks were approximately unchanged as its primary benchmark Bahrain All Shares index edged down by 0.02 percent or 0.295 points to settle down at 1,276.47 pressured by the losses in Financials sectors. However, its losses were limited by the gains in Basic Materials sector as it gained 0.91 percent while the rest of industries remained flat.

Kuwait equities declined significantly on Monday where Kuwait primary index fell by 1.10 percent or 10.91 points to close the market in the red territory at 980.04 pressured by the losses in all sectors except Consumer Cyclicals sector as it remained flat.

Zain Al Kuwait fell on Sunday and Monday as its stock lost 5.9 percent after the firm reported on Sunday that its net income declined by 7 percent during the quarter ending September 2017, in line with analysts’ expectations.

Qatari shares rose on Monday where its leading benchmark added 0.76 percent or 62.08 points to close the session in the green territory at 8,196.54 supported by the gains in all sectors except Energy and Healthcare sectors.

Oredoo share added 3.00 percent on Monday despite that; the firm reported its net profit for the third quarter of 462 million riyals dollars where below than EFG Hermes expectations 533.7 million riyals.

Oil prices rose on early Monday’s session as Saudi and Russia are supporting the production cut, but at 15:20 GMT oil prices fell to 53.89.

Saudi Stock Market:

The leading Saudi index TASI fell on Monday by 0.16 percent or 11.19 points to settle down at 6,945.28 pressured by the losses in Consumer non-Cyclicals, Utilities, and Basic Materials sectors.

Looking at individual stocks, Saudi Basic Industry Corporation added 0.6 percent after the firm reported a 10.7 percent rise in third-quarter net profit to 5.79 billion higher than expected by 1.52 billion riyals. Moreover, Malath Cooperative insurance jumped by 5.7 percent after reporting third-quarter earnings rose from a low base.

UAE Stock Markets:

Both Abu Dhabi and UAE markets were lower today.

Abu Dhabi shares closed today’s trading session on negative notes where Abu Dhabi primary index fell by 0.14 percent or 6.11 points to close the session at 4,456.65 as the losses generated by Financials sector have weighed on the stocks.

Also, Dubai equities were lower today where the main index DFMGI declined by 0.27 percent or 9.81 points to settle lower at 3,629.86 pressured by the losses in Consumer Non-Cyclicals and Telecommunication services sectors.

Looking at individual stocks, Emirates NBD added 1.2 percent as the bank reported an increase of 0.62 billion dirhams in its net profit for the third quarter to 2.28 billion dirhams.

Egypt Stock Market:

However, Egyptian equities rose today as its primary index EGX30 gained 1.23 percent or 172.80 points to close the Monday’s trading session in the green territory at 14,197.21.

Looking at individual shares, Egyptian Chemical Industries surged 6.2 percent after its quarterly net profit more than doubled from a year earlier.


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