MENA Stocks finish in mixed territories, amid conflicting earning reports

Mena stock markets ended the trading session on mixed territories, with markets in Qatar, Saudi Arabia, and Egypt underperforming, while UAE stock markets were trading on higher grounds.

Shares in Bahrain closed the session in the red as the primary Bahraini index dropped by 0.35 percent or 4.753 points to settle down at 1,367.621 pressured lower by the significant losses in the telecommunications sector.

Moreover, Qatar equities closed the session in the red, where Doha’s main index QSI remained relatively unchanged edged lower by 0.05 percent or 4.55 points to end the session at 9,618.33.

Additionally, Oil prices rose for a second day on Wednesday after data showed U.S. crude inventories dropped more than the expected, easing worries about oversupply that have dragged on markets in recent weeks.

The trading unit of state-run Saudi Aramco sold about 1 million barrels of U.S. Mars crude to Taiwanese refiner Formosa Petrochemical Corp. for delivery in September-October, according to traders with knowledge of the matter.

In the oil space, the latest crude oil inventory data showed a significant drop from the previously projected inventory of -2.60 million barrels, much lower than the actual inventory of -6.147 million barrels.

The U.S. West Texas Intermediate Crude Oil September futures were trading higher at 68.74 at 19:00 GMT.

However, Brent Oil September futures were higher to trade at 73.65 USD per barrel at 19:00 GMT.

Saudi Stock Market:

Saudi Arabia stocks were trading lower after the close on Wednesday, as Saudi’s main index (TASI) also declined as losses in the Healthcare and telecommunication sectors led shares lower by 0.1 percent to trade at 8401.75.

The strongest performers of the session on the Tadawul All Share were Saudi Research and Marketing Group, which rose 3.11 percent or 3.20 points to trade at 106.00 at the close. Meanwhile, the worst performers of the session were Saudi Cable Company, which fell 9.99 percent or 0.80 points to trade at 7.20 at the close. Saudi Company for Hardware dropped by 9.97 percent or 9.60 points to end at 86.70

Regarding specific stocks, Banque Saudi Fransi, which reported lower second-quarter earnings on Tuesday, was down by 4.1 percent. The lender disclosed a profit of 920 million riyals or 246 million USD in the three months to June 30, down from 1.01 billion riyals in the same period of 2017.

Furthermore, National Commercial Bank lost 0.6 percent, even after the kingdom’s largest lender on Tuesday reported a 6.6 percent rise in second-quarter profit to 2.58 billion riyals.

Arab National Bank was down by 0.6 percent after the lender stated an 8.3 percent increase in the second-quarter net profit to 919.1 million riyals.

United Arab Emirates Stock Market:

United Arab Emirates stocks were marginally higher after the close on Wednesday, as gains in the Banking, Telecoms and Finance & Investment sectors led shares higher.

Abu Dubai’s main index, the ADX gained 1.1 percent to close at 4,830 The strongest performers of the session on the DFM General were the Dubai Islamic Insurance, which rose 2.92 percent or 0.020 points to trade at 0.705 at the close.

Regarding specific stocks, Emirate’s biggest lender Emirates NBD agreed to buy Turkey based Denizbank corporation. Subsequently, Emirates NBD gained 2.4 percent on Wednesday. Additionally, First Abu Dhabi Bank gained 2.6 percent a day after the lender reported a 19 percent year-on-year gain in quarterly profit to 3.1 billion dirhams.

Additionally, the DFM General, Dubai’s main index gained by 0.65 percent to hit a new 1-month high to close the session at 2,943.50.

Regarding specific stocks, The Dubai index rose 0.4 percent as heavy trading in heavyweight property developer Emaar Properties sent its shares 1.6 percent up. DAMAC Properties added 1.4 percent.

Rising stocks outnumbered losing ones on the Dubai Stock Exchange by 23 to 15, and 4 ended unchanged; on the Abu Dhabi, 14 rose, and 6 declined, while 6 ended unchanged.

Egypt Stock Market:

Egyptian shares were mostly down after Cairo’s EGX30 dropped by 1.90 percent or 294.01 points to settle down at 15,186.36 pressured by significant losses in the In the Industrials, Telecommunications Services and consumer non-cyclicals.

Furthermore, Heavyweight Commercial International Bank lost 0.4 percent, and Citadel Capital fell 4.8 percent while Heliopolis Housing rose 3 percent.