INGOT Brokers AU | MENA Market Report (2017-06-13)

MENA Market Report (2017-06-13)

Equity Market in the MENA region ended mostly lower, with the exception of Abu Dhabi, as political tensions in the region still weighing on stock markets along with the recent drop in Oil prices after OPEC declared that production has increased in May despite the recent production cut agreement in an attempt to curb the supply overhang.

In Qatar, Equities market lost some gain to closer lower by 0.43 percent after rising by 0.80 percent to end the session lower 9095.45. the market after stocks were hits by concerns recent economic and diplomatic embargo set forth by Saudi Arabia and other states in the GCC on Doha pressure prices lower, Mainly Doha largest Bank QNB that fell by 1.33 percent on Tuesdays session. However, Qatar was able to continue with business as usual as it changed shipping routes from United Arab Emirates to Oman.   

Meanwhile in Kuwait, Boursa Kuwait 15 Index fell by 0.52 percent or 4.68 percent to end the session at 895.77, prices were pressured by losses in Consumer Cyclicals, Industrials, and Telecommunications Services sectors.     
•    Saudi Arabia Stock Market

After the losses generated by the sectors of Media & Pushing, Transport and Energy & Utilities, Saudi equities were weaker on Tuesday, declined by 0.03% to close at 6820.60.
Today’s gainers outnumbered the losers by 6 shares, with 84 gainers, 78 losers and 14 unchanged. 
The best performers of the session on the Tadawul All Share were Gulf Union Cooperative Insurance, which rose 10.04% to trade at 17.54 at the close. Meanwhile, Salama Cooperative Insurance Co  added 4.66% to end at 17.06 and Fawaz Abdulaziz AlHokair Company was up 4.17% at 40.00 in late trade.
The worst performers of the session were Saudi Research and Marketing Group, which fell 2.39% to trade at 28.65 at the close. Saudi Fisheries Co. declined 2.26% to end at 25.90 and Jazan Development Co. was down 2.00% to 12.72.

•    United Arab Emirates Stock Market

As the profits generated by Insurance, Real State & construction and trasport sectors, UAE’s equities closed higher on Tuesday.
Abu Dhabi Securities Exchange index and Dubai Financial Market General Index closed in the green, where DFM index added 0.43% to close at 3441.85, while ADX added 0.85% to close at 4537.60. 
Moreover, ADX supported by the increase in the price of Dana Gas stock, where it increased by 15% reaching the highest price since 2014. Dana Gas proposed swapping 700$ Million of the outstanding bond, because the outstanding bonds might be non-sharia compliant.
Rising stocks outnumbered the declining ones on the Dubai Stock Exchange by 20 to 13 and 6 ended unchanged; while on the Abu Dhabi Stock Exchange, 19 advanced and 3 declined, while 5 ended unchanged.
The best performers of the session on the DFM General were Deyaar Development PJSC, which rose 3.92% to trade at 0.530 at the close. Meanwhile, Takaful House added 2.78% to end at 1.110 and Amlak Finance PJSC was up 2.20% at 0.975 in late trade.
The worst performers of the session were National Central Cooling Co., which fell 2.11% to trade at 1.860 at the close. SHUAA Capital PSC  declined 1.36% to end at 1.450 and Emaar Malls was down 1.17% at 2.530.

On the other hand, The top performers on the ADX General were Dana Gas which rose 15.00% to 0.690, Fujairah Cement Industries Co PSC which was up 12.37% to settle at 1.090 and Al Khazna Ins which gained 9.76% to close at 0.450.
The worst performers were Abu Dhabi National for Building Materials Co PJSC which was down 8.33% to 0.550 in late trade, First Abu Dhabi Bank PJSC which lost 0.46% to settle at 10.80 and Ad Islamic Bk  which was down 0.28% to 3.610 at the close.

•    Egypt Stock Market

The Egyptian stock market index EGX30 rose by 0.29 percent to end at 13,531.34 as the gains generated by Consumer non-cyclical, Basic Materials and industrials sectors.
Today’s losers outnumbered the gainers by 75 to 63 with 40 share was left unchanged.
The best performer of the session on the EGX 30 were, Natural gas & Mining Process (Egypt Gas) rising by 8.76%, Arabian Food Industries DOMTY adding 8.34% and Ismailia Development and Real Estate Co. settling 6.52% higher at 3.67.
The worst performers of the session on the EGX 30 were, Porto Group Holding SAE shading 4.65%, Egyptian Arabian Securities Brokerage dropping 4.42% and Modern Shorouk Printing and Packaging ended 4.20% lower at 10.71.

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