Gulf stock markets closed mostly higher on Wednesday’s trading session. UAE, KSA, and Bahraini markets ended the session in the green, while Qatar markets finished today’s session lower.
Bahraini shares closed the session in the green as the primary Bahraini index BAX gained for the third session in a row by 0.18 percent or 2.325 points to settle up at 1,320.217 due to the gains in Financials that rose by 0.27 percent.
On the other hand, Qatar equities closed the session lower, where QSI lost 0.46 percent or 48.58 points to end the session at 10,433.56, pressured by the losses in all sectors, except for Energy and Basic Materials sectors which rose by 0.41 percent and 0.12 percent respectively.
In oil news, on Wednesday, oil prices rose due to an industry report that showed a drop in the U.S. crude inventories, accompanied by a cut in Libyan exports and OPEC aiming to reduce output.
The U.S. West Texas Intermediate Crude Oil futures were trading higher at 52.56 at 14:00 GMT. Moreover, Brent Oil futures rose to trade at 61.31 USD per barrel at 14:00 GMT.
Saudi Stock Market:
Saudi Arabia stocks finished Wednesday with a positive performance, as its benchmark Tadawul all share Index rose by 0.65 percent or 51.15 points to settle up higher at 7890.09 supported by the losses in all of the sectors, mainly Healthcare sectors that rose 1.47 percent.
Saudi Arabia is expected to cut its oil production during the year of 2019, aiming to support the declining prices of oil recently.
Regarding corporate shares, Allianz Saudi Fransi Cooperative Insurance Company SJSC jumped by 9.96 percent during today’s session as it settled at 29.25. Furthermore, Abdullah Abdul Mohsin Al Khodari Sons Co SJSC rose by 7.54 to trade at 7.13.
United Arab Emirates Stock Market:
UAE shares closed today’s trading session higher, as both Abu Dhabi market and Dubai shares ended the session in the green.
Abu Dhabi equities closed Wednesday’s session up, as the gains in Consumer Non-Cyclicals, Financials, and Healthcare sectors supported the broader market up. Abu Dhabi’s leading benchmark ADI rose again by 0.45 percent or 21.664 points to settle at 4,837.573.
Regarding individual stock, Foodco Holding PJSC was the best performer on today’s session as it surged by 14.15 percent, followed by RAK Properties PJSC, which advanced by 6.45 percent.
Furthermore, Dubai shares were also trading higher for the second consecutive session, as DFMGI rose by 1.50 percent or 37.99 points to settle up at 2,573.45 boosted by the gains in Utilities, Financials, and Industrials sectors.
In the corporate space, Amlak Finance PJSC and Emaar Properties PJSC were the top performers on today’s session, as they surged by 7.08 percent and 6.36 percent respectively to end the session up.
Egypt Stock Market:
Egyptian shares were higher on today’s session for the third day in a row, as EGX30 rose by 1.52 percent or 192.42 points to settle higher at 12,856.83 supported by the significant gains in all sectors except for Consumer Non-Cyclicals that fell by more than 1.40 percent.
Market capitalization gained 8.5 billion EGP and ended at 732.9 billion EGP. However, trading volume reached around 222.2 million shares exchanged at a turnover of 1.06 billion EGP.
In the corporate space, Global Telecom Holding SAE was the top performer for the second session in a row which rose by 9.72 percent, followed by El Sewedy Electric Co SAE that also rose by around 6.23 percent for the second day.