Dubai, UAE— Equities in the UAE and Saudi Arabia posted gains this week with Abu Dhabi index rising 1.6 percent and Saudi index TASI increasing 0.4 percent at the close of trading on Thursday.
Favorable closing prices for the Saudi index
The decline in oil prices in the previous trading session impacted the Saudi Stock Exchange index, which finished Sunday (December 11, 2022) down 1.1 percent at 10,138.3 points.
Aramco’s stock decreased by 1.8 percent, and that of RETAL Urban Development Company fell by 0.7 percent, but that of the National Bank of Saudi Arabia and ACWA Power rose 2 percent and 4.4 percent, respectively.
TASI dropped 1 percent on Monday (December 12, 2022), its lowest level since April 2021, and RETAL Urban Development fell 3.5 percent on the same day.
While other GCC financial markets closed lower on Tuesday (December 13, 2022), TASI climbed by 1.9 percent.
Also, the index rose 0.3 percent on Wednesday (December 14, 2022) and 0.4 percent on Thursday (December 15, 2022)
Gains for the Abu Dhabi index
Abu Dhabi’s main index closed down 0.9 percent on Monday (December 12, 2022) for the fifth consecutive session.
The index also fell on Tuesday (December 13, 2022) by 1 percent; it extended its losing streak to six sessions as it was dragged down by the 3.1 percent decline in First Abu Dhabi Bank shares.
The index finally turned positive on Wednesday (December 14, 2022), supported by a 1.3 percent rise in First Abu Dhabi Bank.
The index continued its rise on Thursday (December 15, 2022) by 1.1 percent, extending the gains it recorded in the previous session and snapping a series of losses that lasted for seven days.
Supported by a 2.3 percent increase in Americana International Restaurants, Abu Dhabi’s index rose by 1.6 percent on Friday (December 16, 2022), marking its most significant percentage increase since late October. In addition, the biggest bank in the country, First Abu Dhabi Bank, saw a 4.3 percent increase after hitting a 19-month low the previous Monday.
Bank stocks support the Dubai Index
On Monday (December 12, 2022), the Dubai index fell by 0.2 percent, primarily due to a 1.3 percent dip in Dubai Islamic Bank.
The reduction in Emirates NBD Bank (-1.9 percent) contributed to Tuesday’s (December 13, 2022) 0.5 percent decline in Dubai’s index.
The index also rose on Wednesday (December 14, 2022) by 0.3 percent, gaining 10.46 points to close at 3,310.85 points. Four sectors on the Dubai Stock Exchange, led by industry, rose by 1.81 percent.
The index increased another 0.1 percent, or 4.38 points, to 3,315.23 by market close on Thursday (December 15, 2022). 1.6 percent growth was seen in the financial services sector of the Dubai Stock Exchange.
On Friday (December 16, 2022) increased by 0.4 percent.