DUBAI, UAE – GCC stock market varied during this week as the UAE financial markets rose at the end of trading on Friday. The Dubai Financial Market index jumped 0.6 percent and the Abu Dhabi index rose 0.1 percent.
On the other hand, the performance of the Saudi Stock Exchange varied, as the index ended its trading Thursday with a decrease of 1.7 percent, losing 195.48 points.
Saudi Stock: Variable Performance
Shares of oil behemoth Aramco jumped 1.6 percent on Sunday (November 6, 2022) to help lift the benchmark index of the Saudi Stock Exchange, which gained 0.7 percent on the day.
Saudi Arabian Mining Co. stock increased by 1.5 percent.
At the same time, Saudi’s main index TASI rose 0.6 percent on Monday (November 7, 2022), with eight sectors increasing, led by media and entertainment (1.8 percent).
However, on Tuesday (November 8, 2022), after two consecutive sessions of advances, the Saudi stock market dropped due to a collective dip in the main sectors, low liquidity and the falling price of oil.
As a result, a loss of 0.9 percent, or 112.23 points, brought the index down to 11,486.53 points.
On Wednesday (November 9, 2022), the index declined by 0.6 percent, losing 79.35 points, to close at 11407.18 points, and 17 sectors on the Saudi Stock Exchange, led by public utilities (+3.03 percent).
On Thursday (November 10, 2022), the Saudi Stock Exchange Index dropped 1.7 percent, or 195.48 points, to end at 11,211.70. Twenty-one of the Saudi Stock Exchange’s sectors declined, with the insurance, media, and entertainment industries seeing the most significant decline (- 3.20 percent).
Abu Dhabi Exchange: Great week
Abu Dhabi Securities Exchange’s main index rose 1.1 percent on Monday (November 7, 2022), adding 119.99 points to reach 10,574.93 points.
Utilities increased 5.9 percent across four sectors on the Abu Dhabi Stock Exchange.
Similarly, the index dropped by 0.04 percent, or 19 points, to 10,569 on Tuesday (November 8, 2022).
Nonetheless, as of the close of trading on Wednesday (November 9, 2022), the FADAX 15 index on the Abu Dhabi Stock Exchange was up 0.182 percent, and five sectors on the Abu Dhabi Stock Exchange, led by utilities, were up 2.592 percent.
On Thursday (November 10, 2022), the main index gained again, this time by 0.024 percent, earning 2.50 points to end at 10591.73.
Gains of 2.9 percent were seen across four of the Abu Dhabi Exchange’s major sectors, with industrials leading the way.
On Friday (November 11, 2022), the market index closed at 10606.47, up 14.74 points (or 0.1 percent) from its opening level.
The real estate industry led a 2.2 percent increase.
Dubai Exchange: Ended the week high
Dubai’s Exchange main index grew by 0.8 percent, adding 28.44 points, to close at 3378.91 points on Monday (November 7, 2022).
Six sectors increased, led by investment and financial services (3.04 percent).
The Dubai Financial Market also rose by 0.1 percent on Tuesday (November 8, 2022) to 3,384 points.
The index also rose on Wednesday (November 9, 2022) by 0.02 percent, gaining 0.73 points, to close at 3,385.07 points, and five sectors on the Dubai Stock Exchange, led by services, jumped by 1.18 percent.
After trading ended on Thursday (November 10, 2022), the general index of the Dubai Financial Market fell by 0.02 percent, or 0.93 points, to 3,384.14 points.
Investment and financial services led to a 1.28 percent decline across three sectors.
The Dubai Stock Exchange Index closed up 0.6 percent on Friday (November 11, 2022), with gains in four of the exchange’s sectors headed by investment and financial services, which gained 1.9 percent.