Middle Eastern markets ended Monday’s session in mixed territories, as Qatar’s inflation grows 0.6 percent and Egypt’s annual core inflation hits 8.5 percent in August.September 11, 2018
Middle Eastern markets ended Monday’s session in mixed territories, as Qatar’s inflation grows 0.6 percent and Egypt’s annual core inflation hits 8.5 percent in August.
Over in Qatar, Doha’s primary index QSI surged 1.22 percent to trade at 9,889.62 at the close, supported by the Industrials, Utilities, and Financials sectors.
Meanwhile, Qatar’s consumer price index (CPI) grew 0.6 percent year-on-year and 0.04 percent month-on-month in August, recording 108.95 points.
Saudi Arabian Stock Market:
Saudi Arabia’s leading market index TASI lost 0.29 percent, to end the session at 7,706.34, as significant losses in the Energy, Industrials and Consumer Cyclicals weighed on the broader market, with Saudi Cable Co JSC dropped 6.88 percent, followed by Tourism Enterprises Co SJSC that saw a decline of 4.40 percent. On the other side, the stock of Allied Cooperative Insurance Group (ACIG) was the best performer which surged by 9.94 percent.
In stocks news, Saudi Automotive Services Company (SASCO) announced on Monday that its subsidiary Investments and Equipment Company had raised its stake in Middle East Battery Company (MEBCO). The transaction, which raises Investments and Equipment Company’s stake in MEBCO to 12.79 percent from 7.94 percent, is valued at SAR 21.825 million ($5.82 million).
United Arab Emirates Stock Market:
In the United Arab Emirates, stock in Dubai and Abu Dhabi markets ended the session on higher notes, with the stock in Dubai were supported by significant gains in Healthcare and Industrials sectors.
Dubai’s DFM index added 0.24 percent, to trade at 2,849.41 at the close. With Islamic Arab insurance and Deyaar Development leading gains in Dubai, up by a robust 12.04 and 5.92 percent, respectively.
Meanwhile, in Abu Dhabi, the index rose by 1.39 percent, to trade at 4,986.28 at the close, supported by Financials and Energy sectors.
In stocks news, National Bank of Ras Al Khaimah PSC was the top performer in the session which added 6.10 percent followed by Union National Bank PJSC which rose by 4.82 percent.
On the other hand, Abu Dhabi National Energy Company PJSC was the worst performer in the session which tumbled by 5.83 percent.
Egypt Stock Market:
Egypt’s EGX30 index was lower on Monday, fell by 0.71 percent to trade at 15,628.43 at the close, pressured by losses in all sectors.
Meanwhile, Egyptian Iron and Steel Co SAE was the worst performer in the session which tumbled by 5.45 percent followed by Alexandria Mineral Oils Co SAE which fell by five percent.
In economic news, Egypt’s Annual Core Inflation rose to 8.8 percent month-on-month in August from 8.5 percent. The monthly core inflation edged up 0.6 percent last month, versus the same rate in July, the Central Bank of Egypt (CBE) said in a statement on Monday.