Most of MENA equities ended Wednesday’s trading session in the green territory supported by the increase in oil prices.
The gains in Basic Materials sector supported Bahraini shares where the primary Bahraini benchmark added 0.19 percent or 2.397 to close today’s trading session on positive notes at 1,279.09.
However, Kuwaiti stocks fell today where its main index KW15 dropped by 0.13 percent or 1.28 points to close Wednesday’s session in the red territory at 966.53 pressured by the losses in Financials sector.
Meanwhile, Qatar’s equities rose slightly today where its leading index QSI added 0.08 percent or 6.14 points to end Wednesday’s session up at 8,171.20 supported by the gains in Telecommunication Services and Basic Materials sectors.
Looking at individual shares, Qatar Fuel lost by 1.2 percent pressured by technical selling, also the firm reported last week a 17 percent declined in its net profit during nine months.
Oil prices reached its highest level since two years supported by the signs that OPEC will extend its production cuts till March 2018. On Wednesday crude U.S oil was traded at 54.64 at 15:15 GMT.
Saudi Stock Market:
Saudi shares were higher on Wednesday where TASI added 0.20 percent or 14.12 points to close today’s session up at 6,948.49 supported by the gains in Utilities and Financials Sectors.
Looking at Individual shares, National Petrochemical dropped by 2.1 percent after the firm reported a marginal rise in quarterly net profit to 196.9 million riyals compared with its profits of 191.6 million riyals a year earlier.
However, City Cement rose slightly by 0.1 percent; the firm reported a 19.2 million drop in its quarterly profits, but beat a forecast of 8.60 million riyals by Aljazira Capital.
UAE Stock Markets:
UAE stocks closed today’s session in mixed territory as Abu Dhabi shares rose while Dubai stocks fell today.
Abu Dhabi shares were up today where its primary benchmark added 0.12 percent or 5.56 points to close the session up at 4,485.16 supported by the gains in Telecommunication services sector.
On the other hand, Dubai equities were down today as its leading index DFMGI edged down by 0.03 as the losses in Telecommunication Services, Financial and Industrials sectors weighed on the shares.
Looking at individual stocks, Emaar Properties rebounded 0.6 percent. On Thursday, it is expected to announce the indicative price range for an initial public offer of shares in its local property development unit.
Egypt Stock Market:
Egyptian shares fell today as EGX30 dropped by 0.45 percent or 65.09 points to settle down by 14,277.29 pressured by the losses in all sectors.
However, Egypt Chemical industry added 3.9 percent as the firm reported a more than doubling of quarterly net profit on Monday.
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