MENA Stocks finish in mixed territories, amid earning reports season

MENA Stocks finish in mixed territories, amid earning reports season

July 29, 2018 Off By Yhumi Tsun

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

Furthermore, shares in Bahrain closed the session in the green as the primary Bahraini index gained by 0.37 percent or 5.033 points to settle down at 1,367.901 aided by the gains in the telecommunications and financial sector.

Moreover, Qatar equities closed the session on lower notes, where Doha’s main index QSI remained relatively unchanged but edged lower by 0.06 percent or 5.89 points to end the session at 9,607.89.

Additionally, Oil prices traded on near constant levels on Thursday, after an announcement that Saudi Arabia would suspend some oil shipping in the Red Sea had initially sent prices higher.

The U.S. West Texas Intermediate Crude Oil September futures were trading higher at 69.16 at 19:00 GMT.

However, Brent Oil September futures were higher to trade at 73.90 USD per barrel at 18:00 GMT.

Saudi Stock Market:

Saudi Arabia’s stock market fell as losses in the Media and Publishing, Insurance and Industrial Investment sectors led shares lower.

Furthermore, in the political scene, Riyadh reported an attack on two oil tankers by Yemen’s Houthi movement. Saudi’s primary index the (TASI) closed lower by 0.38 percent or 32.18 points to close the session at 8.367.67.

Additionally, Shares in Saudi Cable Company fell to 5-year lows; losing 7.77 percent or 0.56 to 6.65 Riyals. On the other hand, shares in Methanol Chemicals, rose to 52-week highs, gaining 3.04 percent or 0.32 to 10.86. Shares in Saudi Company for Hardware fell to 52-week lows, losing 6 percent or 5.20 to 81.50 Riyals.

Regarding specific stocks, Southern Province Cement fell by 2.6 percent after reporting a 62 percent loss in the second-quarter net profit of 36 million riyals, far below analysts’ forecast of 82 million riyals (21.9 million USD).

United Arab Emirates Stock Market:

United Arab Emirates stocks were higher on the close on Thursday, as gains in the Finance and investment, Insurance and Consumer Staples sectors led shares higher.

Abu Dubai’s main index, the ADX gained 0.29 percent to close at 4,844. The strongest performers of the session on the DFM General were Takaful Emarat PSC, which rose 14.63 percent or 0.300 points to trade at 2.350 at the close.

Regarding specific stocks, Emirates Telecommunications Group rising 0.6 percent after reporting this week a 12.3 percent increase in second-quarter profit.

Additionally, the DFM General, Dubai’s main index gained 0.14 percent to hit a new 1-month high to close the session at 2,948.50.

Rising stocks outnumbered falling ones on the Dubai Stock Exchange by 18 to 14 and 8 ended unchanged; on the Abu Dhabi, 9 fell and 7 advanced, while 6 ended unchanged.

Egypt Stock Market:

Egyptian shares were mostly higher after Cairo’s EGX30 rose by 0.09 percent or 12.93 points to edge up higher at 15,199.29 aided by gains in the In the Telecommunications sector.

Additionally, Egypt plans to raise funds from “over 4,000 unused assets” owned by the state, parliament member Amr El-Gohary says.