Dubai’s stock exchange surpassed Gulf peers this week, surging more than 80 percent, following the emirate’s announcement of plans to open a $545 million market-making fund and initial public offers (IPOs) for 10 government-backed companies. In contrast, the Saudi index lost for the third consecutive week, while the Abu Dhabi index fluctuated.
Saudi Index losses continue
The Saudi index began the week with a minor gain of 0.1 percent on Sunday (November 14, 2021), extending its earnings for the second session, boosted by a 2.4 percent increase in Sahara International Petrochemical Company (SEPKEM).
While it closed lower on Monday (November 15, 2021) due to the oil price fall, the index decreased by 0.6 percent, weighed down by a 2 percent decline in the National Bank of Saudi Arabia’s stock and a 0.4 percent decline Al-Rajhi Bank’s stock.
The Saudi stock index continued to slide by 0.1 percent on Tuesday (November 16, 2021), weighed down by a 3.3 percent decline in the National Industrialization Company’s stock and a 0.1 percent decline in Al-Rajhi Bank’s stock.
On Wednesday, the Saudi index increased by 0.1 percent, boosted by a 1.8 percent increase in the National Bank of Saudi Arabia’s stock. However, on Thursday (November 17, 2021), the Saudi Stock Exchange closed the week with a 1.8 percent decline in the Al-Rajhi Bank stock and a 1.7 percent decline in the Saudi Basic Industries Corporation (SABIC) stock.
Dubai gains
The Dubai Financial Stock Exchange began the week at an increased pace as the Dubai Stock Exchange resumed gains due to an expansion plan. As a result, the Dubai index closed up 0.9 percent on Sunday (November 14, 2021), reaching its highest level since March 2018. It was boosted by a 14.9 percent increase in the Dubai Financial Market’s stock exchange-listed share.
On Monday (November 15, 2021), the Dubai Stock Exchange outperformed its Gulf peers, with the main index rising 2.7 percent, boosted by a 4.1 percent spike in Emaar Properties shares following its announcement of a substantial increase in quarterly profits. In addition, Dubai Financial Market shares increased 14.7 percent, marking the eleventh consecutive day of advances. Deyaar, a real estate company, rose 15 percent among other gainers after announcing a nearly doubled quarterly profit, while Amlak Finance rose 14.9 percent after reporting a quarterly profit.
On Tuesday (November 16, 2021), Dubai’s stock market closed up by 1 percent. Emaar Properties gained 1.6 percent a day after the company’s founder announced plans to sell 50 percent of e-commerce site Namshi to global and domestic investors. Other gainers include Deyaar Development, which increased by 15 percent, and Amlak Finance, which increased by 14.8 percent.
As of Wednesday (November 17, 2021), the Dubai index fell 0.8 percent, weighed down by a 1.9 percent decline in real estate developer Emaar Properties and a 5.1 percent decline in the Dubai Financial Market share.
On Thursday (November 18, 2021), the Dubai index increased by 0.1 percent, led by Emaar Properties’ 0.8 percent gain and Deyaar Developments’ 4.4 percent gain.
Abu Dhabi: Stable Index
The Abu Dhabi index began the week 0.1 percent higher on Sunday (November 14, 2021), reaching an all-time high of 8,296,190 points, aided by a 1.3 percent increase in the Emirates Telecommunications Company’s shares. However, as of Monday (November 15, 2021), the index was down 0.3 percent, retreating from record highs, owing to a 0.7 percent decline in International Holdings’ stock.
The Abu Dhabi index increased by 1 percent on Tuesday (November 16, 2021), reaching a record high of 8,352 points, boosted by a 2.8 percent increase in the share price of First Abu Dhabi Bank, the UAE’s largest bank. However, the index declined by 0.2 percent on Wednesday (November 17, 2021), retreating from a record high, while the International Holding Company’s share price plummeted by 0.5 percent.
As of Thursday (November 18, 2021), Abu Dhabi’s main index increased by 0.1 percent, aided by a 2.4 percent increase in Alpha Abu Dhabi Holding following a joint venture to build the Guggenheim Abu Dhabi Museum, its subsidiary Trojan General Contracting.