MENA equities closed Wednesday’s session on mixed notes as oil prices fell after data showed that U.S. oil stockpiles rose unexpectedly last week.August 16, 2018
MENA equities closed Wednesday’s session on mixed notes as oil prices fell after data showed that U.S. oil stockpiles rose unexpectedly last week.
Bahraini shares were trading higher on Wednesday as the primary Bahraini index BAX rose 0.16 percent or 2.17 points to end the session in green at 1,343.30 supported by gains in the Telecommunications Services sector.
On the other hand, Qatari stocks fell on Wednesday, where QSI fell by 0.48 percent or 46.37 points to close lower at 9,592.23 as losses in the Basic Materials, Healthcare and Utilities sectors dragged the index lower.
Masraf Al Rayan and Vodafone Qatar was the biggest loser on the index as both fell by 2.01 percent.
On the flip side, Qatar Navigation was the biggest gainer on the index after its share added by 0.46 percent followed by Ooredoo Qatar which added 0.42 percent.
In oil space, Oil prices fell on Wednesday as The U.S. EIA said in its weekly report that crude oil stockpiles rose by 6.8 million barrels in the week.
WTI Oil ended Thursday session lower at 66.65 and continued to fall today to trade at 64.65 at 14:00 GMT. Meanwhile, Brent finished the session $72.14 a barrel and was trading at $70.48 a barrel at 14:00 GMT.
Saudi Stock Market:
Saudi stocks closed in the red, TASI notched lower by 0.35 percent or 27.5 points to end the session lower at 7.865.68 pressured by losses in the Consumer Non-Cyclicals, Telecommunications Services and Healthcare sectors.
Regarding individual stocks, Alinma Tokio Marine was the top performer adding 6.8 percent followed by Saudi Industrial Services as its share advanced by 6.78 percent.
On the other hand, National Shipping Company was the worst performer after its share declined by 3.78 percent
United Arab Emirates Stock Market:
UAE shares closed the session in mixed territories. Abu Dhabi shares closed the session higher as ADI rose by 1.16 percent or 55.92 points to close the session in the green at 4,886.14 supported by the gains in Consumer Non-Cyclicals, and financials sectors.
Sharjah Cement and Industrial Development Company was the top performer as its share added 8.7 percent followed by Agthia Group, which gained 5.6 percent. While Invest Bank was the biggest losers after falling by 10 percent.
On the other hand, Dubai shares closed the session down, where DFMGI fell by 0.81 percent or 22.91 points to end the session at 2,817.98 pressured by the losses in Industrials and Telecommunications Services sectors.
Dubai Islamic Insurance and Reinsurance was the biggest gainer after its stock advanced by 5.51 percent, on the other hand, Drake and Scull International was the biggest loser dropping by 4.2 percent.
Egypt Stock Market:
Egyptian stocks rose on Wednesday’s session where EGX30 added 0.63 points to end the session at 15,357.44.
Abu Qir Fertilizers and Chemical Industries was the session’s best performer as its stock added by 3.46 percent, followed by Madinet Nasr for Housing that rose by 3.02 percent.