Most of MENA shares closed lower due to the decline in oil prices

Gulf markets were weak on concerns about the outlook for oil prices, but Gains in shares of property and contracting firms lifted Dubai stocks in early trade on Monday.

Bahraini shares closed the session in the red as the primary Bahraini index dropped by 0.30 percent or 4.04 points to settle down at 1,309.562 lowered by the losses in the Basic Materials and Telecommunication services sectors.

Regarding Bahraini market, Bahrain Telecom was the worst performer as it dropped by 0.82 percent.

Moreover, Qatar equities closed the session in the green where QSI added 0.31 percent or 28.05 points to end the session up at 9,142.28 supported by the gains in Utilities, Industrials and Telecom Services sectors.

On oil pace, U.S. West Texas Intermediate Crude Oil September Futures dropped by 0.50 percent to trade at 73.83 USD per bushel at 10:30 GMT. Additionally, following suit Brent Oil September Futures fell by 0.98 percent to trade at 78.94 USD per barrel at 10:30 GMT.

Saudi Stock Market:

Saudi Arabia stocks were lower after the close on Monday, as losses in Energy and Basic Materials sectors pressured the shares where the primary Saudi index TASI fell by 0.78 percent or 64.88 points to trade at 8.274.98.

Saudi Industrials Exports Co was the biggest gainer on the benchmark as its shares added 9.93 percent, followed by Arabia Insurance as it advanced by 6.66 percent.

The best performers of the session on the Tadawul All Share were Amana Cooperative Insurance Co, which rose 9.93 percent or 1.80 points to trade at 19.92 at the close. Meanwhile, Saudi Enaya Cooperative Insurance added 9.88 percent or 2.40 points to end at 26.70.

The worst performers of the session were Taleem REIT Fund, which fell 5.25 percent or 0.62 points to trade at 11.18 at the close. Saudi Real Estate Co. dropped by 5.02 percent or 0.82 points to end at 15.52, and AlJazira Mawten REI was down 4.58 percent or 0.70 points to 14.58.

United Arab Emirates Stock Market:

Abu Dhabi equities closed Thursday’s session in the red as losses which have been generated by Utilities, Industrials and Basic Materials have lowered the market’s main index ADI by 0.95 percent or 44.11 points to settle lower at 4,577.04.

The top performers on the ADX General were Sharjah Cement which rose 13.19 percent to 1.030, Rak Ceramics which was up 2.06 percent to settle at 2.480 and Sharjah Islamic Bank which gained 0.87 percent to close at 1.160.

The worst performers were Eshraq Properties Co PJSC which was down 9.37 percent to 0.5800 in late trade, Gulf Cement which lost 7 percent to settle at 0.9300 and Agthia Group which was down 4.51 percent to 4.66 at the close.

Dubai shares were also trading lower where market’s main index fell sharply by 1.23 percent or 35.26 points to end the session down at 2,829.16 pressured by the losses in Consumer Cyclicals, Financials, and Industrials shares.

The best performers of the session on the DFM General were Dubai Financial Market PJSC which rose 1.53 percent or 0.015 points to trade at 0.994 at the close. Meanwhile, Takaful House added 1.43 percent or 0.009 points to end at 0.639 and Aramex PJSC was up 1.27 percent or 0.050 points to 4.000 in late trade.

The worst performers of the session were Drake & Scull International PJSC, which fell 9.89 percent or 0.074 points to trade at 0.674 at the close, reaching its worst level of the year. Union Properties PJSC declined by 3.95 percent or 0.030 points to end at 0.730, and DXB Entertainment was down by 3.81 percent or 0.013 points to 0.328.

Egypt Stock Market:

Egyptian shares were higher on Monday as EGX30 rose by 0.09 percent or 14.04 points to settle higher at 16,362.59 supported by the gains in Telecom Services, Energy, and Industrials sectors.

Egyptian Resorts Co SAE was the biggest gainer on EGX30 as its share added 3.65 percent followed by Global Telecom Holding SAE as its stock advanced by 3.40 percent. On the other hand, Juhayna Food Industries SAE was the worst performer on the benchmark as its share tumbled by 4.08 percent while Heliopolis Co for Housing and Development SAE was the second-worst performer where its stock plunged by 3.75 percent.