Mena stock markets traded on mixed territories, with markets in Bahrain, Qatar, and Egypt closing higher.July 25, 2018
Mena stock markets ended the trading day on mixed territories, with markets in Bahrain, Qatar, and Egypt closing higher, while Saudi Arabia and Dubai sectors underperformed.
Bahraini shares closed the session in the green as the primary Bahraini index gained 0.77 percent or 10.473 points to settle up at 1,367.621 aided by significant gains in the telecommunications sector.
Moreover, Qatar equities closed the session in the green, where Doha’s leading index QSI added 1.94 percent or 183.04 points to end the session at 9,618.33 as significant gains in the Industrials, Financials and Healthcare sectors supported the broader market.
Oil prices rose on Tuesday as the market shifted focus to the possibility of increased Chinese demand, drawing attention away from trade tensions between that country and the United States after a series of tariffs imposed by both countries.
The U.S. West Texas Intermediate Crude Oil September futures were trading lower at 68.95 at 20:00 GMT.
However, Brent Oil September futures were higher to trade at 73.84 USD per barrel at 17:00 GMT.
Saudi Stock Market:
Saudi Arabia stocks were lower at the close on Tuesday, as losses in the Industrial Investment, Insurance and Retail sectors led shares lower by 42.66 points or 0.50 percent to close the session at 8.405.82.
In Corporate Earnings, Saudi Kayan published its second-quarter financial results on Sunday, showing a net profit of 878.7 million riyals or 234.30 million USD, up from 242 million riyals during the same period a year prior.
Additionally, National Industrialization Company, dropped by 3.3 percent on Tuesday, despite posting an increase in second-quarter net profit on Monday, to 295.8 million riyals from 93.6 million riyals a year earlier.
Furthermore, SABB corporation, which rose by 1.5 percent, proposed a cash dividend of 0.96 riyals per share for the first half of the year. Arab National Bank was up by 0.3 percent after announcing on Tuesday a second-quarter profit increase to 919.1 million riyals, from 849 million riyals last year
United Arab Emirates Stock Market:
United Arab Emirates stocks were mixed on the close on Tuesday, as gains in the Services, Finance and Investment and Consumer Staples sectors led shares higher while losses in the Telecoms, Banking and Insurance sectors led shares lower.
Abu Dubai’s main index, the ADX gained 0.33 percent or 15.94 to close at 4,776.89 Meanwhile in Dubai, the DFM General lost 0.21 percent to close the session at 2,925.74.
In earnings, First Abu Dhabi Bank saw its share price advance by 0.8 percent after the publication of its financial results, The blue-chip bank recorded a 19 percent increase in second-quarter net profit, tallying at 3.1 billion dirhams
The top performers on the ADX General were Union National Bank which rose 2.68 percent to 3.450, Bank Of Sharjah which was up 1.89 percent to settle at 1.080 and Waha Capital which gained 1.69 percent to close at 1.800.
Declining stocks outnumbered advancing ones on the Dubai Stock Exchange by 19 to 12 and 5 ended unchanged; on the Abu Dhabi, 9 fell and 6 advanced, while 9 ended unchanged.
Egypt Stock Market:
Egyptian shares were mostly up after Cairo’s EGX30 gained 1.15 percent or 176.58 points to settle higher at 15,480.37 pressured by significant gains in the In the Industrials, Telecommunications Services and consumer cyclicals.
Heliopolis co for housing and development was the biggest gainer on EGX30 after its share price rose by 6.01 percent followed by Abu Dhabi Islamic Bank Egypt which rose by 3.94 percent.