A look at the closing candles for Arab markets for 7 February 2018.
By Markets Chimp
2/7/18 11:00 PM
As US equities rebounded wildly in Tuesday’s trading, Arab markets followed subsequently as investors bet on the end of the sell-off.
The EGX 30 rose significantly today, up 2.17%. Amid fierce selling from individual investors, institutional investors rushed with cash, particularly Arab and foreign institutions. The market has witnessed notable moves today, such as EFG Hermes (EGX: HRHO) which gained 5.99%, in addition to Palm Hills Developments (EGX: PHDC) which rose by 5.04%, while GB Auto (EGX: AUTO) gained 5.19% today.
TASI has had a disappointing performance on Wednesday. The index fell down for the fourth trading session in a row, with a relative drop in trade volumes. It is the only index among the five indices that failed to recover, approaching its worst level in a month.
UAE indices managed to bounce back on Wednesday. As it has been usual recently, ADSMI was more positive, surging by 1.21%. Meanwhile, DFMGI gained 0.83%. Heavy losses were incurred by DFMGI industrial sector index, which declined by 3.51% due to a similar decline in National Cement (DFM: NCC).
Kuwait market gained moderately by 0.51%, failing to protect early gains during the day. Meanwhile, Qatari index had been the biggest gainer today by 2.73%, the first green session after 6 red ones in a row. The index will target the 9,000 level once more, after it lost it on 4 February 2018.