MENA equity markets ended Monday’s session on mostly lower territories, as market in dubai, Saudi arab, Qatar and Egypt settled lower.June 26, 2018
MENA equity markets ended Monday’s session on mostly lower territories, as market in dubai, Saudi arab, Qatar and Egypt settled lower.
Bahrain’s stocks gave up ground on Monday, Manama’s leading benchmark Bahraini All Shares Index declined by 0.4 percent or 5.171 points to end the trading session at 1,301.574 .
Meanwhile in Qatar, Doha QSI index fell by 0.76 percent to trade at 8,936.78 at the close, as significant losses in the Financial and industrial sectors weighed on the broader market.
Meanwhile, Oil prices fell on Monday as investors are expecting an increase in oil output in wake of OPEC deal. US crude oil fell to trade at $68.33 a barrel at 17:09 GMT while Bren Oil fell to trade at $74.34 a barrel.
Saudi Arabia Stock Market
Saudi stocks ended 0.1 percent lower as investors paused after a strong rally on the back of expectations that Riyadh will be added to the MSCI emerging market benchmarks. The Saudi index is up over 15 percent this year, the best performing index in the Gulf region.
In stocks news, the best performer in the session was Saudi Enaya Cooperative Insurance company SJSC which surged by 9.97 percent followed by Amana Cooperative Insurance SJSC rose more than 9.93 percent, and Slama Cooporative Insurance Co SJSC added 6.90 percent.
On the other hand, Dar Al Arkan Real State Development Company SJSC was the worst performer on the index as its share fell by 5.49 percent follwed by Saui Real State CO SJSC where its stock tumbled by 4.40 percent.
United Arab Emirates Stock Market
United Arab Emirates markets ended Monday’s session in the red territory.
The ADI general Index lost 0.29 percent or 13.21 points to close the trading session at 4537.30, pressured by the Utilities sector as it tumbled by 3.39 percent, while the energy sector fell by 2.80 percent as Abu Dhabi National Energy Company PJSC, dropped 3.39 percent. The Basic Materials sector fell by 0.35 percent after Arkan Building Materials Company PJSC plunged 3.28.
Moreover, Dubai Shares were traded lower on today’s session as the primary market index DFMGI fell by 2.09 percent or 61.21points to end the session lower at 2,867.85 pressured by Industrials, Consumer Cyclical and Financials sectors where they plunged by 2.80, 2.77 and 1.65 percent respectively.
Looking at individual shares, due to retail selling, Drake & Scull shares dropped by 10 percent to close at 0.9 AED after its stock price fell below its support point at 1 AED. The stock fell by 60 percent this year due to the concerns over its business outlook and the investigations against its previous management
Moreover, Air Arabia fell by 1.5 percent as traders are still worying about its exposure to embattled private equity firm Abraaj, which earlier this month had filed for provisional liquidation.
Egyptian Stock Market
On the other hand, Egyptian shares were higher today as EGX30 gained 0.38 percent or 62.49 points to close the session at 16,457.51 supported by gains in Consumer Cyclicals, Energy and Basic Materials shares.
In the stocks news, Eastern Co SAE was the best performer in the session surged 6.39 percent followed by Abu Qir Fertilizers and Chemical Industries Co SAE which added 3.11 percent.
On the other hand, Arab Co for Asset Management and Development was the worst performer fell by 7.26 percent.