TASI closed 0.85 percent down after U.S president demands OPEC to cut oil prices

TASI closed 0.85 percent down after U.S president demands OPEC to cut oil prices

July 7, 2018 Off By Yhumi Tsun

MENA equities closed Thursday’s trading session in mixed territories while oil prices fell on Thursday after Trump asked the OPEC to reduce oil prices.

Bahraini shares closed the session in the green as the primary Bahraini index gained 0.63 percent or 8.375 points to settle up at 1,330.824 aided by the gains in the financial sector which was up by 1 percent.

Moreover, Qatar equities closed the session in the green where QSI added 0.32 percent or 29.35 points to end the session up at 9,259.95 supported by the gains in the Healthcare, Financials, and Utilities sectors.

Regarding oil news, Oil traded lower on Thursday after Trump tweeted that, “The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $’s. This must be a two-way street. REDUCE PRICING NOW!”.

On the back of this tweet, the U.S. West Texas Intermediate Crude Oil fell on Wednesday to trade at 73.37 while Brent oil was trading lower at 78.11.


Saudi Arabia Stock Market:

Saudi Arabia stocks were lower after the close on Thursday, as losses in the Energy, Industrials and Consumer Cyclicals sectors led shares lower. Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 143 to 33 and 9 ended unchanged.

The best performers of the session on the Tadawul All Share were Wataniya Insurance Company, which rose 3.27 percent or 0.85 points to trade at 26.85 at the close. Meanwhile, United Cooperative Assurance Co added 2.62 percent or 0.34 points to end at 13.34 and Amana Cooperative Insurance Co was up by 2.20 percent or 0.46 points to 21.40 in late trade.

The worst performers of the session were Fawaz Abdulaziz AlHokair Company, which fell by 9.21 percent or 2.10 points to trade at 20.70 at the close. Saudi Real Estate Co dropped by 4.78 percent or 0.70 points to end at 13.94 and Al Hokair Group was down by 4.63 percent or 1.02 points to 21.00.


UAE Stock Market:

United Arab Emirates stocks were higher after the close on Thursday, as gains in the Healthcare, Utilities, Basic Materials and Energy sectors led shares higher

ADI rose by 0.20 percent or 9.30 points to settle higher at 4,603.20 while Dubai’s main market index DFMGI added 0.67 percent or 19.26 points to end the session higher at 2,880.42.

Furthermore, the top performers on the ADI General were Sharjah Cement and Industrial Development Company PSC which rose 8.42 percent, followed by Eshraq Properties Company PJSC which was up 4.92 percent, and Gulf Cement Co PSC gained 4.17 percent to close at 1.00.

On the other hand, The worst performers of the session were Commercial Bank International which was down by almost 10 percent while National Takaful Company PJSC was the second-worst performer as its share declined by 9.59 percent.

Meanwhile, the best performers of the session on the DFM General were Gulf Navigation Holding PJSC, which rose 8.77 percent followed by, Amanat Holdings PJSC added 4.03 percent, and Shuaa Capital PSC was up 2.50 percent or 0.100 points to 4.100 in late trade.

On the other hand, the worst performers of the session were Emaar Development PJSC, which fell 4.83 percent and Dubai Financial Market PJSC as its stock dropped by 1.09 percent.


Egypt Stock Market:

Egyptian shares were higher on Thursday as Egypt’s primary benchmark. The EGX30 fell sharply by 1.13 percent or 184.31 points to settle lower at 16,125.34 weighed down by the losses in consumer cyclical, Non-Cyclicals and Basic Materials sectors.

Pioneers Holding Company for Financial Investments SAE, Arab Co for Asset Management and Development and Telecom Egypt Co SAE were biggest gainers gainers on the index as their shares added 8.74, 5.92 and 4.18 percent respectively.

On the other hand, Heliopolis Co for Housing and Development SAE and Palm Hills Developments Company SAE were the biggest loser as their shares fell by 3.96 and 3.70 respectively.