After a week of losses, GCC indices post gains

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The Saudi Stock Exchange's general index fluctuated this week, recording its lowest level since January and ending the week down by nine points.
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  • The shares of Etihad Etisalat (Mobily) jumped 9.9 percent after the Emirates Telecom Group submitted an offer to increase its stake
  • Amlak Finance fell by about 10 percent, while Emirates NBD Bank fell by 3.7 percent

After a week of losses, the Saudi index posted 0.9 percent increase even as the uncertainty spurred by the Ukraine conflict continued to weigh on the capital markets across the globe.

The Abu Dhabi index also ended a series of losses and completed its week stable, achieving a weekly gain of 0.6 percent. The Dubai index ended its week lower after a series of defeats. Financial and industrial stocks were among the biggest losers.

 

TASI ended the week with an increase

On Sunday (March 13, 2022), the Saudi stock index fell by 0.6 percent, and Aramco’s share fell by 2.8 percent, extending its losses for the third consecutive session. The oil giant’s stock has lost more than 10 percent since the start of the year, as oil prices have risen since Russia’s military operation in Ukraine.

The TASI index continued its decline Monday (March 14, 2022) by 0.9 percent, with the share of the oil giant Saudi Aramco dropping 1.6 percent. On Tuesday (March 15, 2022), it also fell by 0.7 percent, affected by the 6.9 percent drop in the Saudi Mining Company’s share.

As for Wednesday (March 16, 2022), the Saudi index rose by two percent, and the share of Etihad Etisalat (Mobily) jumped 9.9 percent after the Emirates Telecom Group submitted an offer to increase its stake in the company to 50 percent plus a share.

The Saudi index completed its rise Thursday (March 17, 2022) by 0.9 percent, supported by an increase in the shares of the Saudi Industrial Investment Group by seven percent.

 

Abu Dhabi index closed stable

The Abu Dhabi index lost one percent on Monday (March 14, 2022), affected by a 1.9 percent drop in the first Abu Dhabi Bank’s share. On Tuesday (March 15, 2022), it completed its decline by 0.7 percent.

As of Wednesday (March 16, 2022), the Abu Dhabi index ended trading with an increase of 1.2 percent. It also increased Thursday (March 17, 2022) by 0.2 percent. While the index closed stable on Friday (March 18, 2022)

 

Dubai index declined

The Dubai index fell 1.4 percent on Monday (March 14, 2022) and was the hardest hit in the region after it was affected by the decline in financial sector shares. Amlak Finance fell by about 10 percent, while Emirates NBD Bank fell by 3.7 percent.

The index also fell 1.4 percent on Tuesday (March 15, 2022), while it rose on Wednesday (March 16, 2022) by 2 percent, supported by a jump in Islamic Arab Insurance (SALAMA) by 14 percent.

The Dubai Stock Exchange index rose 1.1 percent on Thursday (March 17, 2022), while it ended its week in decline on Friday (March 18, 2022) by 1.7 percent, ending the second consecutive session of losses.

 

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