MENA shares ended today’s session in red territory except for Saudi market, Oil prices found support as Iranian sanctions outweighed trade tensions
July 11, 2018Most MENA shares ended today’s session in red territory except for Saudi market as it closed in the green supported by the increase in oil prices.
Bahraini shares closed the session in the red as the primary Bahraini index fell by 0.14 percent or 1.886 points to settle lower at 1,334.42 pressured by the losses in the Consumer Cyclicals and Financials sectors.
Regarding the Bahraini market, GFH Financial Group was the best performer as it rose by 2.6 percent. While Khaleeji Commercial Bank was the sessions worst performer in the market as it dropped nearly 2 percent.
Moreover, Qatar equities closed the session in the red as QSI lost 0.65 percent or 60.15 points to end the session lower at 9,265.00 pressured by losses in all sectors except Consumer Non-Cyclicals sector which added 0.66 percent.
Regarding stocks news, Commercial Bank and Al Meera Consumer Goods was the only two shares to end the session green territories adding 1 and 0.66 percent respectively
In oil space, oil prices ended Friday’s session in green adding 1 percent to end the week at 73.88, on Monday oil prices fell to trade at 73.36 dollars per barrel at 15:00 GMT. while Brent was trading at 77.81 dollars per barrel at 15:00 GMT.
Oil prices found support on Monday as Iranian sanctions outweighed trade tensions between the U.S. and China.
The U.S. oil output is increasing but is unlikely to be enough to counter the supply gap if the sanctions against Iran go into effect. Last week the number of rigs drilling for oil in the U.S. increased by five to 863, up 100 year-on-year,
Saudi Stock Market:
Saudi shares were trading higher on Monday as Saudi’s main index TASI rose by 1.27 percent or 104.06 points to end the session higher at 8,326.59 as gains in Energy, Basic Materials and Utilities led the index higher.
Saudi Real Estate was the biggest gainer on the benchmark as its shares added 6.18 percent, followed Nama Chemicals Company as it advanced by 5.01 percent.
On the other hand,Fawaz, Abdulaziz Alhokair was the biggest loser where its share fell by 3.9 percent while United Electronics Company was the second biggest loser on the index as its stock dropped by 3.87 percent.
United Arab Emirates Stock Market:
UAE shares closed today’s trading session in mixed territory.
Abu Dhabi equities closed Monday’s session relatively flat as gains which have been generated by Utilities were offset by losses in the financial sector. The market’s main index ADI edged higher by 0.03 percent or 1.5 points to settle higher at 4,616.96.
Finance House was the top performer on the index as its share added 5.88 points followed by Gulf Cement as its stock advanced by 5.1 percent, while Arkan Building Materials was the worst performer where its stock tumbled by 3.33 percent.
On the other hand, Dubai shares were trading lower as DFMGI fell by 0.35 percent or 10 points to end the session down at 2,875.32 pressured by the losses in the Healthcare, Consumer Cyclicals and Financials shares.
Among shares, Drake and Scull International was the best performer who gained 10.55 percent followed by Gulf Navigation Holding which added 8 percent.
Egypt Stock Market:
Egyptian shares were lower on Monday as EGX30 fell by 0.34percent or 53.91 points to settle lower at 15,785.93 pressured by losses in the Telecom Services sector which fell by 3.65 percent.
Qalaa Holdings was the biggest gainer on EGX30 as its share gained 4.56 percent followed by Egyptian Iron and Steel as its stock rose by 4 percent. On the other hand, Global Telecom Holding was the biggest loser as its share fell by 6.2 percent.
