MENA Equity markets ended Monday trading session on positive territories with Saudi Arabia gaining more than 4 percent.October 16, 2018
MENA Equity markets ended Monday trading session on positive territories with Saudi Arabia gaining more than 4 percent, the market in Dubai and Egypt being the only losers in the session.
Bahraini shares were trading at unchanged levels during today’s session as Manama’s primary index BAX edged up by 0.01 to trade at 1315.91 at the close, pressured by losses in the Industrials sector.
Meanwhile, Qatar equities closed the session in the green with Doha leading index QSI added 0.10 percent to settle at 9,834.12 at the close, as significant gains in the industrial and healthcare sector supported prices to upside.
On the energy front, Oil prices steadied on Monday, lifted by geopolitical tension regarding the mysterious disappearance of a Saudi journalist that has stoked worries about supplies from the world’s top crude exporter but weighed by concern over long-term demand outlook.
WTI Oil prices traded in today’s session to trade 71.96 at per barrel at 15:00 GMT.
Meanwhile, Brent Oil also was lower to trade at $81.56 per barrel at 14:00 GMT.
Saudi Stock Market:
Saudi Arabia stocks surged on Monday supported by rising oil prices amid heightened tensions with the US after President Donald Trump threatened that there would be” severe punishment” if it is found that Khashoggi was killed in the consulate.
On the flipside, Saudi Arabia said it would respond equally for any action against it over the Khashoggi case, state news agency SPA reported on Sunday.
The Kingdoms’ primary index TASI Jumped by 4.14 percent to settle at 7,567.57, lifted by significant gains its energy sectors.
United Arab Emirates Stock Market:
UAE stock markets traded in mixed territories after-hours on Monday, with Abu Dhabi edging upwards and Dubai edging downwards.
Abu Dhabi equities closed today ’s session at near constant levels with its leading benchmark ADI edging up by 0.04 percent to end at 4,932.866
In the corporate space, UAE investment firm Waha Capital announced that it acquired a significant minority stake in Dubai-based oilfield services company Petronash Holdings for $88 million.
Moreover, Waha also said that may further increase its stake in Petronash up to 50 percent.
Meanwhile, in Dubai, DFMGI closed lower by 0.03 percent to trade at 2,713.05 at the close, weighed lower by losses real estate markets.
Moreover, Property consultancy Chestertons said that property prices declined at an accelerated pace in the third quarter, with off-plan sales volumes impacted the most amid general market uncertainty
Egypt Stock Market:
Egyptian shares prices traded in negative territories on Monday, as the Egyptian blue-chip stock index EGX30 fell by 0.12 percent to settle at 13,521.46 at the close.
Madinet Nasr for housing development was the best performer in the session after rising by 7.69 percent. On the flipside, Sixth of October Development was the worst performer after it lost 9.96 percent.