The main index of the Saudi market ended Thursday’s trading after a mixed weekly performance, affected by the drop in oil prices and the decline in the performance of banks.
On the other hand, the Abu Dhabi Securities Exchange suffered a slight decline due to the banking and communications sectors.
Meanwhile, the main index in Dubai closed unchanged after weekly gains due to banks and real estate.
A mixed week on the Saudi exchange
A 0.5-percent drop in the Saudi Arabian market’s main index on Sunday, April 24, was primarily due to a 3.7-percent drop in the Saudi Arabian Mining Company (Maaden) and a 1.6-percent drop in the stock of Saudi Telecom.
A 2.1-percent increase in the share price of Al-Rajhi Bank pushed TASI up 0.6 percent on Monday.
The Saudi Kayan Petrochemical Company’s shares dropped 8.7 percent after reporting a significant drop in its quarterly net profit.
A 1.4-percent drop in Al-Rajhi Bank’s stock and a 1.8-percent drop in the Saudi National Bank’s stock weighed on the TASI on Tuesday, causing a 0.3 percent drop. On the other hand, Aramco’s share price increased by 1.1 percent.
The Saudi National Bank’s shares rose 4.2percent on Wednesday after it announced a 32.1 percent increase in net profits for the first quarter, boosting “TASI” by 1 percent.
Shares of Saudi Aramco, the world’s largest oil company, ended the day with a 2.3-percent gain.
Earlier in the week, the National Bank of Saudi Arabia, the country’s leading lender, increased its first-quarter net profits by a significant margin. As a result, the Saudi market index rose by 0.7 percent at the close of trading on Thursday.
In addition, for the third day in a row, the stock of Saudi Aramco rose 1.2 percent.
Abu Dhabi index declines
As of Tuesday, April 26, the Abu Dhabi Stock Exchange index was unchanged, which was due in part to a 1.9-percent decrease in First Abu Dhabi Bank’s share price on Monday.
A 1.5-percent drop in the shares of a telecommunications company weighed on the Abu Dhabi Stock Exchange index on Wednesday, bringing it down by 0.2 percent.
One-eighth of an index point was gained on Thursday thanks to the sale of a majority stake in payments company Magnanti, which helped First Abu Dhabi Bank, which reported the highest quarterly net profit.
On Friday, the Abu Dhabi index fell by 0.2 percent, with losses of 1.3 percent at First Abu Dhabi Bank capping off two sessions of gains.
Dubai Index: Good weekly performance
The Dubai Stock Exchange’s main index fell by 0.8 percent on Monday, April 25, capping a four-session winning streak that saw Emaar Properties’ stock drop by 0.8 percent.
On the other hand, the index rose by 0.3 percent on Tuesday (April 26, 2022), thanks to an increase in Emirates Integrated Telecommunications (Du) shares, by 0.6 percent on Wednesday (April 27, 2022), thanks to the rise in Dubai Islamic Bank shares, and by 0.9 percent on Thursday (April 28, 2022)) thanks to an increase in Emaar Properties (1.6 percent) shares.
Dubai’s main index closed unchanged Friday (April 29, 2022), with real-estate and industrial stocks moving in opposite directions.