Middle Eastern markets ended Thursday session in mixed territories, with emerging market turbulence weighing on equity markets in Saudi Arabia, Qatar, and Abu Dhabi

Middle Eastern markets ended Thursday session in mixed territories, with emerging market turbulence weighing on equity markets in Saudi Arabia, Qatar, and Abu Dhabi

September 7, 2018 0 By Ali Hwary

Middle Eastern markets ended Thursday session in mixed territories, with emerging market turbulence weighing on equity markets in Saudi Arabia, Qatar, and Abu Dhabi. Meanwhile, Stock markets in Dubai and Egypt advanced.

Over in Qatar, Doha’s Primary index QSI edged lower 0.21 percent to trade at 9,826.84 at the close, pressured lower by heavy losses in the Basic Materials, Telecommunication services, and Healthcare sectors.

Saudi Arabian Stock Market:

The Saudi Arabia’s Leading market index TASI lost 0.41 percent, to end the session at 7,687.76, as significant losses in the energy and basic material and
Healthcare sectors weighed on the broader market, with National Medical Care company dropped 4.58 percent, followed by Saudi Cable Co that saw a decline of 4.21 percent.

The recent plunge in equity prices is due to Fund managers reducing their equities exposure amid concerns regarding global trade wars. Also weighing on fund manager sentiment is the drop in emerging market currencies.

United Arab Emirates Stock Market:

In the United Arab Emirates, Stock markets in Dubai and Abu Dhabi ended the session on mixed notes, with the stock market in Dubai supported by significant gains in property stocks.

Dubai’s DFM index added 0.29 percent, to trade at 2,826.6 at the close. With Islamic Arab insurance and Deyaar Development leading gains in Dubai, up by a robust 10.18 and 5.88 percent, respectively.

In the corporate space, Insurance firm Salama saw its share price jump by 10 percent after direct deals or block trades were executed on the stock on 370.7 million worth of shares at 0.42 dirhams.

On the flip side, in Abu Dhabi, the index lost by 0.19 percent, to trade at 4,918.32 at the close.

Losses in Financial stocks pressured the broader market lower, with Union National Bank leading losses on Thursday.

Looking at stock-specific news, Union National Bank fell by 4 percent after the bank saw significant gains this week on news merger with Abu Dhabi Commercial Bank. Meanwhile, Abu Dhabi National Energy Co was lost by 2.6 percent.

On the other hand, First Abu Dhabi Bank added 0.4 percent thus providing some support to the broader market.

Egypt Stock Market:

Egypt’s EGX30 index advanced for the second consecutive session on Thursday, up by 0.33 percent to trade at 15,803.17 at the close, as heavy buying interest in its Energy, Basic Material Sectors supporting the broader market.

The movers of the session, leading gains on Thursday was Egyptian Resorts Co that rallied by 5.46 percent, followed by Eygpt Kuwait Holding Co that saw its share price rise by 2.54 percent.

On the other hand,  the bottom performers of the session were Emaar Misr for Development who lost 1.58 percent, and Madinet Nasr for Housing and Development declined by 1.48 percent.

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