It was a week of mixed fortunes for various stock exchanges of the GCC, with TASI remaining flat through the week, even as Abu Dhabi’s index posted gains on Frdiay, and Dubai’s index staying mostly unchanged.
Saudi index variation
The Saudi stock exchange fell for the second session in a row Sunday as banking and petrochemical shares fell. As a result, the main index fell 0.8 percent, with Saudi National Bank 2.6 percent and Saudi Aramco 1.4 percent leading the losses.
Al-Rajhi Bank fell 2.3 percent, and Saudi Basic Industries Corporation declined 3.4 percent on Monday, pressuring the Saudi stock index (SABIC). However, Kingdom Holding shares rose 9.5 percent, extending previous gains.
TASI rose 0.5 percent on Tuesday, ending three sessions of losses, supported by Aramco’s 1.7 percent share gain. It rose 2.3 percent on Wednesday, supported by Al-Rajhi Bank’s 3.2 percent gain and Riyad Bank’s 8.3 percent rise.
The Saudi index declined 0.5 percent on May 26, 2022, as the National Bank of Saudi Arabia’s shares fell 1.6 percent.
Abu Dhabi index rises this week
The Abu Dhabi Stock Exchange index fell 2.2 percent on Monday after First Abu Dhabi Bank dipped 3.8 percent. The index declined 2.5 percent on Tuesday, the most in the region, due to First Abu Dhabi Bank’s 3 percent decline.
The main stock index on the Abu Dhabi Stock Exchange rebounded from initial losses to close up 0.9 percent on Wednesday, supported by First Abu Dhabi Bank’s 1.7 percent gain. However, on Thursday, the index dipped 0.2 percent due to a 1.5 percent drop in the first Abu Dhabi Bank share.
First Abu Dhabi Bank’s share jumped 6 percent on Friday, its most significant daily gain in nearly three months.
Dubai index closed stable
The Dubai Stock Exchange’s main index slid 2.5 percent on Monday (May 23, 2022), the most in the region, due to a 4.9 percent drop in Emirates NBD shares. Emaar Properties’ shares fell 3.2 percent, and Dubai Islamic Bank’s declined 1.5 percent on Tuesday.
The index rose 1.2 percent on Thursday, ending three sessions of losses, supported by Emirates NBD Bank’s 3.1 percent rise.
Friday ended with a stable Dubai index.
