Mena Stock markets mixed, Dubai, Bahrain, and Qatar nudging upwards, while Saudi Arabia declines.
July 25, 2018Mena stock markets ended the second trading day of the week on mixed notes, with markets in Dubai, Bahrain, and Qatar nudging upwards, while Saudi Arabia, Egypt and Abu Dhabi under performed.
Bahraini shares closed the session in the green as the Bahrain All-share index gained 0.37 percent or 5.033 points to settle up at 1,357.148 aided by significant gains in the Financial services sector.
Moreover, Qatar equities closed the session in the green, where Doha’s leading index QSI added 0.78 percent or 72.87 points to end the session at 9,435.29 as major gains in the Industrials, Financials and Healthcare sectors supported the broader market
Regarding oil news, Oil prices fell on Monday, giving up earlier gains, as the market played down rhetoric between the U.S. and Iran that had boosted the potential for tighter global supplies.
The U.S. West Texas Intermediate Crude Oil September futures were trading lower at 67.67 at 17:00 GMT.
However, Brent Oil September futures were higher to trade at 72.65 USD per barrel at 17:00 GMT.
Saudi Stock Market:
Saudi Arabian stocks ended on lower notes on Monday, as losses in the industrials and Consumer Non-Cyclicals offset significant gains in the energy sectors, The kingdom’s main benchmark Tadawul All-Share Index lost 0.20 percent to trade at 8,448.48 at the close.
Regarding specific stocks, Saudi Kayan, jumped 6.2 percent, after the company said on Sunday that is generated a record high net profits of 878.7 million riyals in the three months to June 30th compared with 242 million riyals in the same period a year earlier.
United Arab Emirates Stock Market:
UAE shares closed today’s trading session in mixed territories with markets in Abu Dhabi were below the baseline, while markets in Dubai were in the positive above the baseline.
Abu Dhabi equities closed Monday’s session on negative notes, with losses in telecommunication services weighed on the broader market. Abu Dhabi’s leading benchmark ADI lost 0.21 percent or 10.10 points to settle at 4,760.95 at the close.
Ras Al Khaimah Cement was the best performer on Monday’s trading session, up by 8.45 percent, followed by Gulf Cement which jumped by 6.19 percent.
On the Flipside, Dubai shares were trading higher as DFMGI added 0.37 percent or 10.86 points to end the session at 2,932.04, lifted by gains in heavyweight property developer Emaar Properties that jumped by 1.6 percent, also supported prices gained in DAMAC Properties whom advanced by 1.4 percent at the close.
Egypt Stock Market:
Egyptian shares were among the poor performers of the session after Cairo’s EGX30 lost 0.73 percent or 112.52 points to settle lower at 15,303.79 pressured by significant losses in the In the Industrials, Basic Materials and Telecommunications Services pressured prices below the baseline.
Emmar Misr For development was the biggest gainer on EGX30 after its share price rose by 3.84 percent followed by Heliopolis Co for Housing and Development which rose by 2.99 percent.
