Mena markets in red territory as oil prices slumped

Mena markets in red territory as oil prices slumped

July 13, 2018 Off By Yhumi Tsun

Mena markets ended today’s session in red territory as oil prices slumped on the last two sessions.

Bahraini shares closed the session lower as the primary Bahraini index fell by 0.18 percent or 2.37 points to settle at 1,342.51 pressured by losses in the Financials and Telecommunication services sectors.

Regarding the Bahraini market, Bahrain Ithmaar Holding was the best performer as it rose by 4.55 percent. Followed by Nass Corporation which rose by nearly 1 percent.

Furthermore, Qatar equities closed the session in the red as QSI lost 0.39 percent or 36.49 points to end the session lower at 9,318.53 pressured by losses in the financial and telecommunication services sectors.

Regarding stocks news, Al Meera Consumer Goods was the session’s top performer adding 4 percent followed by Gulf International Services that added 0.92 percent.

In oil space, oil prices fell on Thursday’s session to trade at 69.71 dollars per barrel at 16:00 GMT. while Brent was trading at 73.73 dollars per barrel at 16:00 GMT.

Oil futures plunged on Thursday as Libya lifted a force majeure on four oil ports and said that production would return to normal levels.

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 Thursday as Saudi’s main index TASI fell by 0.31 percent or 26.25 points to end the session lower at 8,362.41 as losses in energy, and Financials led the index lower.

Saudi Arabian Refineries topped the TASI index surging nearly 10 percent followed by United Electronics Company which rose by 4.1 percent.

On the other hand, Amana Cooperative Insurance Company was the worst performer losing nearly 3 percent.

United Arab Emirates Stock Market:

UAE shares closed today’s trading session in red territory.

Abu Dhabi equities closed Thursday’s session lower as losses in the Utilities sector led the index lower. The market’s main index ADI fell 0.1 percent or 23.25 points to settle higher at 4,687.01.

Sharjah Islamic Bank was the top performer on the index as its share surged 3.36 percent followed by Sharjah Group as its stock advanced by 2.27 percent, while Ras Al Khaimah for White Cement and Construction Materials was the worst performer losing nearly ten percent.

Moreover, Dubai shares were trading lower as DFMGI fell by 0.28 percent or 8.21 points to end the session up at 2,884.22 pressured by losses in the Utility shares.

Egypt Stock Market:

Egyptian shares were lower on today’s session as EGX30 fell by 0.46 percent or 72.61 points to settle lower at 15,879.81. Pressured by losses in the Telecommunications Services sector which fell by 1.67 percent.

Arab Co for Asset Management and Development  was the biggest gainer on EGX30 as its share rose by 3 percent followed by Pioneers Holding Company as its stock rose by 2.88 percent.