TASI finishing in red after six straight sessions of gains.

TASI finishing in red after six straight sessions of gains.

June 8, 2018 Off By Yhumi Tsun

MENA stock markets ended today’s trading session on mixed notes with TASI finishing in red after six straight sessions of gains.

Bahrain’s stocks were trading lower in today’s session as the Bahraini All Shares Index lost 0.06 percent or 0.795 points to end the trading session at 1,266.979 pressured by Financials sector which fell by 0.08 percent.

On the other hand, Qatar’s stocks traded higher today rising  0.19 percent to close the trading session in the green at 9,327.77 supported by gains in Telecommunications and Energy sectors which added 2.28 and 0.42 percent.

Furthermore, Oil prices fell on Wednesday on increasing signs that Saudi Arabia and other big crude producers may raise supply to balance the surge in demand during the peak U.S. summer driving season, The U.S. government yesterday has unofficially asked Saudi Arabia and some other OPEC producers to increase output.

WTI Oil July prices fell in today’s session to trade at 64.60 USD per barrel at 14:00 GMTand, Brent August futures fell on today session to settle at 74.70 USD per barrel at 14:00 GMT.

Saudi Stock Exchange:

Saudi Arabia stocks ended Wednesday’s in the red fell by 0.28 percent or 23.67 points after six straight sessions of gains to close at 8,383.23 pressured by Basic Materials and healthcare sectors.

In stocks news, Al Alamiya for Cooperative Insurance Co SJSC was the worst performer in the session falling  2.82 percent followed by Yanbu National Petrochemical and Salama Cooperative Insurance which lost 2.68 and 2.46 percent respectively.

Saudi Arabia, the largest oil exporter in the world, raised pricing on crude grades for purchasers in Asia to the highest levels since 2014 as demand builds in the country’s biggest market amid threats to rival suppliers, Aramco’s Extra Light and Medium grades will also sell to Asia at the widest premiums since 2014, while Heavy crude is at the highest level since 2012


United Arab Emirates Stock Market:

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

The ADI general index rose by 0.77 percent or 35.59 points to close the trade at 4,652.12 supported by gains in the Utilities, Financials and Telecommunications sectors.

In stock news, International Holding Company PJSC  was the best performer in the session surging 5.6 percent followed by Abu Dhabi National Energy which added 4.17 percent.

Moreover, in Dubai, the DFM General rose by 0.36 percent or 10.97 points to close at 3,055.74, supported by Utilities, Industrials and Financials sectors.

Meanwhile, Arabtec Holding PJSC was the best performer in the session surging 3.94 percent followed by Amlak Finance PJSC and Islamic Arab Insurance Co which added 3.71 and 1.59 percent respectively. On the other hand, Shuaa Capital was the worst performer in the session losing more than 1 percent.

Egyptian Stock Market:

Egyptian shares closed Wednesday’s trading session in negative territory after the index saw a massive drop in the last few sessions, The EGX30 Index fell by 0.71 percent or 113.20  points to end the session at 15,908.91 pressured by all sectors.

Regarding the stock news, Egyptian Resorts Co SAE was among the session top losers falling 7.85 percent followed by Egyptian Chemical Industries and Investment Co SAE and Egyptian Iron and Steel Co SAE which fell 7.74 and 7.771 percent respectively.