MENA shares closed Monday’s session in mixed territories with the Egyptian market falling to a 12-month low weighted by margin calls.October 9, 2018
MENA shares closed Monday’s session in mixed territories with the Egyptian market falling to a 12-month low weighted by margin calls.
Bahraini shares were trading higher on today as the primary Bahraini index BAX edged higher by 0.1 percent or 1.31 points to end the session in the green at 1325.26 supported by gains in the Financials sector.
On the other hand, Qatar equities closed the session in the red as QSI fell 0.28 percent or 27.3 points to end the session lower at 9,819.74 pressured by losses in the Financials and Utilities sectors.
On the energy front, WTI Oil prices edged lower on today’s session to reach $73.07 per barrel, after the U.S. said it may grant waivers to sanctions against Iran’s crude exports next month, moreover Saudi Arabia stepped in to cover any potential shortfall from Iran.
Meanwhile, Brent Oil also was lower to trade at $83.45 a barrel at 15:00 GMT.
Saudi Stock Market:
Saudi Arabia stocks were higher on today’s trading session. Saudi’s primary index TASI added 0.58 percent or 45.55 to settle at 7,939.17 Supported by the gains in Telecommunications Services and Financials sectors.
Regarding stocks, Telecommunications firm Mobily fell 2.3 percent after regulators had ordered it to suspend sales of some products to new customers because it had failed to hire enough Saudi citizens at the top of the company.
United Electronics Co was up 2.0 percent after reporting a quarterly net profit of 30.9 million riyals ($8.2 million), while revenues also climbed.
United Arab Emirates Stock Market:
UAE shares closed today’s trading session in mixed territory, as Abu Dhabi rose while Dubai markets finished the session lower.
Abu Dhabi equities closed today ’s session in the green as Abu Dhabi’s leading benchmark ADI settled up at 5,003.379.
Agthia Group was the best performer on today’s trading session as it rose by 11.51 percent, followed by Ras Al Khaimah Cement which advanced by 6.15 percent.
On the other hand, Dubai shares were trading lower as DFMGI fell by 0.56 percent or 15.55 points to settle at 2,774.62 due to losses in the Consumer Cyclicals sector.
In the corporate space, Dubai Investments was the session worst performer losing nearly 3 percent followed by Arabtec Holding which fell 2.67 percent.
Egypt Stock Market:
Egyptian shares were lower on Monday as the Egyptian blue-chip stock index EGX30 plunged by 3.6 percent or 500.89 points to a 12 month low to settle lower at 13,604.01.
The index was dragged down by weakness in emerging markets and margin calls among local investors.
Data showed that local investors were heavy sellers as they were hit by margin calls while forget investors were net buyers by a considerable margin.
Emaar Misr for Development was the worst performer in the session as its stock fell by 10 percent followed by Pioneers Holding Company for Financial Investments which fell by 8.9 percent.