Middle Eastern markets ended Tuesday’s session in positive territories, Bank merger talks give UAE market a need boost.September 5, 2018
Middle Eastern markets ended Tuesday’s session in positive territories. However, Concerns regarding US trade disputes capped gains, weighing on investor sentiment.
Over in Qatar, Doha’s Primary index QSI added 0.21 percent to trade at 9820.18 at the close, lifted by buying interest in energy, industrials, and financial sectors.
Saudi Arabian Stock Market:
The Saudi Arabia’s Leading market index TASI was up by 0.32 percent, to end the session at 7968.24, lifted significant gain in the Telecommunication services, and Industrial sectors, with Saudi Real Estate surging by 6.67 percent, followed by Knowledge Economic City that saw an increase of 5.04 percent.
In the Corporate space, Saudi Real Estate Co saw its share price added 6.67Percent to trade at 14.72 riyals at the close after the company announced it had signed a framework agreement with the Presidency of State Security.
United Arab Emirates Stock Market:
In the United Arab Emirates, Stock markets in Dubai and Abu Dhabi ended the session in positive territories on Tuesday, led by real estate and logistics companies.
Dubai’s DFM index added 0.27 percent, to trade at 2,837.17 at the close. With Drake and Scull International and Emaar Development leading gains in Dubai, up by 4.4 and 1.89 percent, respectively.
Meanwhile, in Abu Dhabi, the index edged surged by 0.94 percent, with significant gains in the Utilities and Financial sectors lifted the broader market.
Abu Dhabi stock prices found support after Abu Dhabi Commercial Bank said it was weighing potential merger talks with two other banks.
Furthermore, ADCB said on Monday it was in early merger talks with Union National Bank (UNB) and Al Hilal Bank that could potentially form a lender with $113 billion in assets.
ADCB and UNB led gains in Abu Dhabi on Tuesday with their stocks surging by 12.8 and 14.77 percent.
Egypt Stock Market:
Egypt’s EGX30 index advanced by 0.64 percent to trade at 15,922.96 at the close, as with heavy buying activities in its Consumer Cyclicals, Financial and Industrial sectors support the broader market higher.
The movers of the session, leading gains on Tuesday was Pioneers Holding Company for Financial Investments which rallied by 6.22 percent, followed by Talaat Mostafa Group Holding that saw its share price rise by 3.97 percent.
On the other hand, the bottom performers of the session were Qalaa Holdings who lost 2.96 percent, and Egyptian Resorts declined by 2.60 percent.