Egyptian Shares closed Thursday’s session sharply lower while UAE shares closed up

Egyptian Shares closed Thursday’s session sharply lower while UAE shares closed up

June 1, 2018 Off By Yhumi Tsun

MENA stock markets ended today’s trading session on mixed notes with Dubai adding nearly two percent supported by the banking sector, while the Egyptian market ended the session significantly lower.

Bahrain’s stocks were trading higher in today’s session as the Bahraini All Shares Index added 0.4 percent or 5.05 points to end the trading session at 1,265.795 supported by gains in the Financials and industrials sectors.

On the other hand, Qatar’s stocks traded lower today losing 0.4 percent to close the trading session in the red at 8,880.51 pressured by losses in most sectors especially the Basic Materials and Telecommunications Services sectors which fell 1.61 and 1.26 percent respectively.

Regarding the performance of the stocks during the session, the blue-chip Doha Bank was the session top loser dropping 4.12 percent followed by Qatar Gas Transport which fell by 2 percent.

WTI Oil prices fell in today’s session to trade at 67.34 at 14:00 GMT after dropping to its lowest level since April on Monday, Brent July futures have risen to trade at 77.68 USD a barrel at the close and was trading at 78.08 at 14:00 GMT.

Furthermore, in oil space, The Energy Information Administration released its U.S crude oil inventories data which showed that U.S oil stockpile has dropped by 3.62 million barrels significantly higher than expectations of 0.4 million barrels.

Saudi Stock Exchange:

Saudi Arabia stocks ended Thursday’s session higher, as gains in the Basic Materials, Energy, and Utility and Financials sectors led the index higher by 1.89 percent or 151 points to settle at 8,161.08.

In stocks news, Arab National Bank was the session’s top performer surging 6.3 percent followed by Saudi Fisheries and Savola Group Company which added 5.75 and 5.6 percent respectively.

On the other side, Almarai top loser plunging nearly 10 percent followed by Saudi Indian Company for Cooperative Insurance which dropped by 7 percent.


United Arab Emirates Stock Market:

United Arab Emirates markets ended Thursday’s session in green territories.

The ADI general index rose by 1.05  percent to trade at 4,605.04 supported by gains in the Telecommunications Services which added 2.53 percent followed by the Utility sector which rose by nearly 2.5 percent

Moreover, in Dubai, the DFM General rose by 1.89 percent to close at 2,964.13, supported by Financials and Healthcare sectors.

Regarding stock performance, Dubai Islamic Bank surged by 5.85 percent followed by Dubai Investments and Amlak as both rose nearly 3 percent.

On the other hand, DXB Entertainments which topped the index yesterday was the worst performer in today’s session losing 2.8 percent.

 Egyptian Stock Market:

Egyptian shares were down today as EGX30 plunged by 2.06 percent or 345  points to close at 16,414.53 pressured by losses in the industrials and Basic Materials sectors.

Regarding the stock news, Porto Group Holding was among the session top losers falling 3.45 percent after the company announced it’s going to increase its capital from 1.5 billion to 3 billion pounds through stock issue.