Despite Aramco’s financial results exceeding analysts’ average predictions for the last year, the Saudi index TASI closed the week unchanged after several sectors decreased in performance.
However, the Saudi index made a notable jump on Sunday.
Aramco made a net profit of $110 billion in 2021, up from $49 billion in 2020, according to Refinitiv data.
The company was valued at about $2.3 trillion.
On the other hand, the performance of the UAE stock markets varied during the week.
The Abu Dhabi Stock Exchange achieved weekly gains of 1.7 percent, while that for the Dubai stock exchange was 1.9 percent.
A good start for TASI
As a result of Aramco’s announcement that its yearly net profit in 2021 was more than double, Saudi Arabia’s stock market rose on Sunday, March 20. Aramco’s 3.4 percent gain boosted the Saudi index by 0.8 percent.
However, on Monday, the TASI fell by 0.3 percent, as the Al Rajhi Bank share shed 0.3 percent, SABIC went down 0.3 percent, and Aramco was 0.7 percent lower.
The Saudi benchmark index closed on Tuesday with a 0.4 percent gain. MAADEN shares jumped 3.5 percent after the business revealed that the first shipment of ammonia had been exported from its new port.
On Wednesday, TASI rose 0.49 percent, and 14 sectors, led by insurance, climbed 1.59 percent.
On Thursday, the primary Saudi index remained unchanged, as losses in financial businesses canceled out the gains earned by shares of raw materials companies.
Abu Dhabi index ends higher
On Monday, March 21, the Abu Dhabi stock exchange’s primary index fell by 0.4 percent. Telecommunications was the most heavily affected sector, with a 1.1 percent decline.
After falling in the previous two sessions, the index rose 0.7 percent on Tuesday, and another 0.9 percent on Wednesday, driven by a 3.2 percent hike in consumer goods stocks.
The Abu Dhabi index closed up on Thursday and Friday as well, with gains of 0.2 percent and 0.3 percent, respectively.
Dubai index fluctuates
An increase of 0.3 percent was recorded on Dubai Financial Market on Monday, March 21. Five sectors increased 1.1 percent, led by investment and financial services.
The Dubai stock exchange’s main index dropped 0.3 percent on Tuesday, primarily due to the decline in Emirates Telecommunications Company’s shares, which lost 2.1 percent.
It did, however, rise 0.3 percent on Wednesday, thanks to a boost of 0.7 percent in four industries, the largest of which was telecommunications.
The index climbed 0.5 percent on Thursday and 1 percent on Friday.