MENA shares closed mixed while oil prices fell on Tuesday’s trading session

MENA shares closed mixed while oil prices fell on Tuesday’s trading session

July 4, 2018 0 By Ali Hwary

MENA equities closed Tuesday’s trading session on mixed notes while oil prices fell during the session.

Bahraini shares closed the session in the green as the primary Bahraini index gained 0.08 percent or 1.06 points to settle down at 1,310.622 aided by the gains in the financial sector.

Regarding Bahraini market, Khaleeji Commercial Bank was the strongest performer as it gained 5.26 percent.

Moreover, Qatar equities closed the session in the green where QSI added 0.50 percent or 45.88 points to end the session up at 9,188.16 supported by the gains in the Healthcare, and Telecom Services sectors.

In the oil space, President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on U.S. ally Saudi Arabia to raise supplies to compensate for lower exports from Iran.

U.S. West Texas Intermediate Crude Oil August futures fell on Tuesday, where the prices declined to trade at 73.11 USD per barrel at 15:00 GMT. However, Brent Oil September futures rose to trade at 77.40 USD per barrel, after dropping by 0.27 percent at the close of the session.

 

Saudi Stock Market:

Saudi Arabia stocks were lower after the close on Tuesday, as losses in the Consumer Non-Cyclicals, Energy, and Financials sectors led shares lower, Tadawul All Share Index fell 0.48 percent to trade at 8.235.56.

Regarding specific stocks, the best performers of the session on the Tadawul All Share was Al Sorayai Trading and Industrial Group, which rose 6.12 percent or 0.86 points to trade at 14.92 at the close.  Meanwhile, Tabuk Cement Co added 3.68 percent or 0.48 points to end at 13.52, and National Agriculture Development Co was up by 3.24 percent or 1.15 points to 36.65 in late trade.

The worst performers of the session were Saudi Enaya Cooperative Insurance, which fell 5.99 percent or 1.60 points to trade at 25.10 at the close. Saudi Indian Company Insurance declined 5.21 percent or 0.78 points to end at 14.18, and United Int Transportation Company was down 4.56 percent or 1.65 points to 34.55.

 

United Arab Emirates Stock Market:

United Arab Emirates stocks were mixed after the close on Tuesday, as gains in the Banking, Telecoms, and Finance and Investment sectors led shares higher while losses in the Services, Insurance, and Consumer Staples sectors led stocks to trade lower.

ADI fell on Tuesday by 0.16 percent or 7.19 points to settle lower at 4,569.85 while Dubai’s main market index DFMGI added 0.33 percent or 9.37 points to end the session higher at 2,838.53.

Gulf Cement Co PSC was the biggest gainer on the Abu Dhabi index as its share added 5.38 percent followed by Arkan Building Materials Company PJSC where its stock advanced by 5.36 percent.

On the other hand, Abu Dhabi Ship Building PJSC was the biggest loser in Abu Dhabi stock market as its share fell by 9.42 percent while Sharjah Cement and Industrial Development Company PSC was the second biggest loser where its stock tumbled by 7.77 percent.

The best performers of the session on the DFM General Index were Gulf Navigation Holding PJSC which rose 5.33 percent followed by Emaar Development PJSC where it added 1.96 percent.

The worst performers of the session were Drake & Scull International PJSC, which sank by 9.94 percent reaching its worst level of the year. Islamic Arab Insurance Co PSC declined by 2.27 percent.

 

Egypt Stock Market:

Egyptian shares were higher on Tuesday as EGX30 rose by 0.36 percent or 58.73 points to settle higher at 16,421.32 supported by the gains in Financial and Basic Materials sectors.

Qalaa Holdings SAE was the top performer on EGX30 as its share added 5.60 percent followed by Orascom Telecom Media and Technology Holding SAE as its share advanced by 4.23 percent. On the other hand, Arab Co for Asset Management and Development was the worst performer on the index as its share tumbled by 2.79 percent while Heliopolis Co for Housing and Development SAE was the second-worst performer on the index after its stock plunged by 1.56 percent.

 

 

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