Middle Eastern stock markets ended Wednesday’s session in negative territories, with TASI recording its steepest intraday loss in two years.

Middle Eastern stock markets ended Wednesday’s session in negative territories, with TASI recording its steepest intraday loss in two years.

September 6, 2018 0 By Ali Hwary

Middle Eastern stock markets ended Wednesday’s session in negative territories. However, TASI recording its sharpest intraday loss in two years,  since 28 September 2016.

On the flip-side, in Qatar, Doha’s Primary index QSI added 0.10 percent to trade at 9830.32 at the close, lifted by buying interest in the energy, industrials, and financial sectors.

Meanwhile, The Qatar Financial Center Regulatory Authority (QFCRA) on Wednesday announced that it had signed 21 memoranda of understanding (MoU) with securities regulators in the European Union (EU).

Saudi Arabian Stock Market:

Saudi Arabia’s Leading market index TASI dropped by 3.13 percent or 249.14 points, to end the session in red at 7,719.10, recording its steepest decline in two years.

The media sector tumbled by  4.9 percent, followed by the consumer durables and apparel sector with 4.3 percent decline.
Meanwhile, The insurance, basic materials, telecommunication, and banking sectors fell by 4.1, 3.5, 3.2, and 3.1 percent, respectively.

In the bottom movers of the sector were Amana Cooperative Insurance’s stock that dropped by 9.8 percent, followed by Saudi United Cooperative Insurance’s with 7.5 percent, and Malath Insurance’s share with 7.5 percent.

On the other hand, the Saudi Cable Company’s stock was the top gainers after the share surged by 6.9 percent, while Saudi Arabian Fertilizer Co.’s (SAFCO) stock rose by 0.8 percent.

United Arab Emirates Stock Market:

In the United Arab Emirates, Stock markets in Dubai and Abu Dhabi also ended the session in negative territories on Wednesday, pressured by significant losses in the Industrials and utility sectors.

Dubai’s DFM index fell by 0.66 percent or 18.73 points, to trade at 2,818.44 at the close. With Drake and Scull International and Gulf General Investment Co PSC leading losses in Dubai, down by 3.55 and 2.26 percent, respectively.

Meanwhile, in Abu Dhabi, the index dropped by 1.12 percent, as significant losses in the Utilities and Financial sectors the broader market.

In the corporate space, Abu Dhabi National Insurance Company PSC was the worst performer which tumbled by 6.23 percent followed by Abu Dhabi Commercial Bank PJSC which fell by 4.62 percent.

On the other hand, Union National Bank PJSC was the top performer which surged 11.74 percent.

Egypt Stock Market:

Egypt’s EGX30 index fell by 1.08 percent or 172.02 points to trade at 15,750.94 at the close, pressured by Arab and foreign investor sell-offs.

In movers, Pioneers Holding Company for Financial Investments SAE was the worst performer in the session which fell by 4.42 percent followed by Sixth of October Development and Investment Co SAE which lost by 3.35 percent.

On the other hand, Qalaa Holdings SAE was the top performer who rose by 4.24 percent.

 

 

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