DUBAI, UAE – The UAE stock market followed the trend of other markets worldwide and ended the week on a high note as rising rents boosted investor confidence. In comparison, the Saudi TASI index closed down 1.1 percent on Thursday.
TASI: A disappointing close
The Saudi Stock Market’s General Index (TASI) dropped by 1.6 percent or 191.34 points, to end the day at 11566.45 points on Sunday (October 9, 2022).
Likewise, 21 sectors on the Saudi Stock Exchange declined, with the food production sector reducing by 3.5 percent.
Seven sectors on the Saudi Stock Exchange plummeted, with the sale of luxury goods declining by 1.2 percent to lead the decline.
As a result, the index dropped by 0.3 percent, or 36.08 points, to close at 11530.37 points on Monday (October 10, 2022).
On Tuesday (October 11, 2022), 10 sectors on the Saudi Stock Exchange declined, with luxury goods retail falling by 1.3 percent to lead the decline.
As a result, the index dropped by 0.1 percent, or 16.11 points, to end the day at 11514.26 points.
However, on Wednesday (October 12, 2022), the TASI gained by 0.3 percent, ending a losing streak of five sessions, thanks to a 1.8 percent increase in the value of the shares of the National Bank of Saudi Arabia.
However, on Thursday (October 13, 2022), the index dropped by 1.1 percent, or 129.56 points, to a final value of 11,421.78.
This decline was led by a 3.2 percent decline in the media and entertainment sector and was followed by a 2.2 percent decline in the investment and finance industry.
Weekly drop-in Abu Dhabi’s benchmark index
At the close of trade on Monday (October 10, 2022), the main index of the Abu Dhabi Stock Exchange had fallen by 0.7 percent, losing 75.44 points, to finish at 9796.97 points, while seven sectors had fallen by 2.4 percent, led by the real estate sector.
On Tuesday (October 11, 2022), the Abu Dhabi Stock Exchange General Index dropped 0.8 percent, or 80.26 points, to finish at 9716.71 points, and six sectors, led by basic materials, plummeted by 2 percent.
On Wednesday (October 12, 2022), the index fell by 0.2 percent, and on Thursday (October 13, 2022), it fell by 0.3 percent, losing 38.73 points and finishing at 9657.35 points.
A 5.2 percent gain in Multiplay Group’s share price and a 3.3 percent increase in Aldar Properties’ share price helped push the Abu Dhabi index up 0.9 percent on Friday (October 14, 2022).
However, Refinitiv data shows that the Abu Dhabi Stock Exchange lost 1.3 percent of its value this week.
Dubai index closes up
The main index of the Dubai Financial Market dropped 0.9 percent, or 33.64 points, to end the day at 3339.31 points on Monday (October 10, 2022).
Eight sectors on the Dubai Stock Exchange also closed lower, with investment and financial services falling by 2.9 percent.
On Tuesday (October 11, 2022), the index dropped by 0.5 percent, or 19.19 points, to end at 3,320.12 points.
There was a drop of 1.9 percent across six industries on the Dubai Stock Exchange, with real estate being the most brutal.
However, on Wednesday (October 12, 2022), the primary stock index in Dubai finished 0.2 percent higher and on Thursday (October 13, 2022), it finished 0.7 percent higher, at 3,349.49 points.
The leading Dubai index increased by 0.8 percent on Friday (October 14, 2022), led by the gains in the real estate and banking sectors, with the rise of Emaar Properties.
