financials weighed on Abu Dhabi and Saudi Arabian shares, while Qatar and Dubai were slightly down.July 12, 2018
Mena markets ended today’s session in mixed territory as financials weighed on Abu Dhabi and Saudi Arabian shares, while Qatar and Dubai were slightly down.
Bahraini shares closed the session higher as the primary Bahraini index rose by 0.76 percent or 10.95 points to settle at 1,344.89 supported by gains generated in the Financial sector.
Regarding the Bahraini market, Bahrain Islamic Bank was the best performer as it rose by 9.6 percent. Followed by Inovest which rose by nearly 3.6 percent.
On the other hand, Qatar equities closed the session in the red as QSI lost 0.43 percent or 40.79 points to end the session lower at 9,355.02 pressured by losses in the Industrials and Utilities sector.
Regarding stocks news, Qatari Investors Group was the session’s top performer adding nearly 2 percent followed by Gulf International Services that added 1.04 percent.
In oil space, oil prices fell on Wednesday’s session to trade at 70.90 dollars per barrel at 17:00 GMT. while Brent was trading at 74.49 dollars per barrel at 17:00 GMT.
Oil prices were pressured on Wednesday’s session. Oil futures plunged on Wednesday as the market remained fixed on supplies resuming from Libya and rising trade tensions between the U.S. and China.
The market shrugged off bullish government data showing U.S. crude inventories fell by nearly 13 million barrels last week, the biggest slide in nearly two years
Saudi Stock Market:
Saudi shares were trading higher on Wednesday as Saudi’s main index TASI fell by 0.35 percent or 29.25 points to end the session higher at 8,388.66 as losses in healthcare, and consumer noncyclical led the index lower.
Saudi Enaya Cooperative Insurance Company topped the TASI index surging nearly 10 percent followed by Takween Advanced Industries which rose by 5.75 percent.
United Arab Emirates Stock Market:
UAE shares closed today’s trading session in mixed territory.
Abu Dhabi equities closed Wednesday’s session higher as gains which have been generated in the Utilities sector led the index higher. The market’s main index ADI added 0.5 percent or 23.25 points to settle higher at 4,691.8.
Abu Dhabi National Energy Company was the top performer on the index as its share surged 4.13 percent followed by Eshraq Properties Company as its stock advanced by 1.54 percent, while National Bank of Fujairah was the worst performer losing 8.17 percent.
On the other hand, Dubai shares were trading lower as DFMGI fell by 0.11 percent or 3.21 points to end the session up at 2,892.43 pressured by losses in the Consumer Cyclicals and financials shares.
Egypt Stock Market:
Egyptian shares were higher on Wednesday as EGX30 rose by 0.20 percent or 31.39 points to settle higher at 15,952.43 supported by gains in the Basic Materials sector which rose by 1.3 percent.
Arab Co for Asset Management and Development was the biggest gainer on EGX30 as its share surged by 10.26 percent followed by Egyptian Iron and Steel as its stock rose by 9.94 percent.