Mena stock markets shed value on Tuesday, hit by a drop in oil prices.

Mena stock markets shed value on Tuesday, hit by a drop in oil prices.

July 18, 2018 Off By Yhumi Tsun

Most Mena stock markets shed value on Tuesday, hit by a drop in oil prices and reflecting a slump in global stocks.

Bahraini shares closed the session higher as Manama’s primary Bahraini index rose by 0.5 percent or 6.26 points to settle at 1,358.13 supported by gains in the Financials Sector which gained 0.68 percent.

Regarding the Top gainers, Ahli United Bank, was the best performer as it rose by 2.26 percent, followed by Bahrain Commercial Facilities which rose by 0.65 percent.

Furthermore, Qatar equities closed the session in the green as QSI gained 0.1 percent or 9.67 points to end the session higher at 9,449.64 supported by gains in the Consumer Non-Cyclicals Sector which gained 1.6 percent.

In movers, Al Meera was the session’s top performer adding 1.6 percent followed by Masraf Al Rayan that added 1.31 percent.

In the Oil space, WTI Oil prices fell on Tuesday’s session as Libyan ports reopened and Russia and other producers said they would increase output. Oil_Sep18 traded at 67.27 dollars per barrel at 17:00 GMT. while Brent was trading at 72.27 dollars per barrel at 17:00 GMT.

Saudi Stock Market:

Saudi shares were trading lower on Tuesday as Saudi’s main index TASI fell by 0.33 percent or 28.16 points to end the session at 8,462.59 pressured by losses in Utilities, Energy, and Consumer Non-Cyclicals sectors.

In the Corporate space, Riyad Bank, Saudi Arabia’s fourth-largest lender by assets, shed 0.8 percent despite reporting earlier a 25.2 percent rise in second-quarter net profit, in line with analysts’ forecasts.

The bank made 1.06 billion riyals ($282.64 million) in the three months to June 30, up from 848 million a year earlier, it said in an exchange filing. Three analysts polled by Reuters had forecast a profit of 1.03 billion riyals. Deposits dipped 2.3 percent to 153.4 billion riyals.

United Arab Emirates Stock Market:

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

Abu Dhabi equities closed Monday’s session lower as losses in Telecommunications Services, Basic Materials, and Consumer Non-Cyclicals sectors pressured the broader market. Abu Dhabi’s leading benchmark ADI lost 0.18 percent or 8.5 points to settle lower at 4,738.59.

United Arab Bank was the best performer on Tuesday’s trading session as it climbed 14.85 percent after they announced that they don’t have any exposure to ABRAAJ Group.

Moreover, Dubai shares were trading lower as DFMGI fell by 0.22 percent or 6.32 points to end the session down at 2,913.14 pressured by losses in Healthcare, Consumer Cyclicals, and Telecommunication shares.

In the corporate space, Drake and Scull International (DSI)jumped 2.9 percent after it said on Monday that Tabarak Investment, which has a 13.3 percent stake in the company, will continue to be a strategic investor.

Egypt Stock Market:

Egyptian shares were lower on today’s session as EGX30 fell by 1.5 percent or 235.17 points to settle lower at 15,420.72 pressured by significant losses in the Consumer Non-Cyclicals, Industrials, and Financials sectors the lost 2.29, 1.73, and 1.56 percent, respectively.

Arabian Food Industrials was the biggest gainer on EGX30 as its share rose by 5.5 percent followed by Emaar Misr For Development as its stock rose by 5.1 percent.