DUBAI, UAE – Abu Dhabi Securities Exchange finished 2022 with a gain of almost 20 percent, making it the highest performer among GCC indices.
In 2023, Saudi and UAE stocks climbed in the first few days of the new year but then dropped again, ending the weekly exchange down or stable.
TASI ends the week stable
A 0.9 percent increase in Saudi Aramco shares and a 1 percent increase in Suleiman Al Habib Medical Services Group shares led to a 0.7 percent increase in the main index of the Saudi market on Sunday (January 1, 2023) as a whole.
The RETAL Urban Development Company’s stock increased by 0.8 percent on Monday (January 2, 2023), while Al-Rajhi Bank’s stock gained by 0.9 percent.
TASI increased by 0.8 percent on Tuesday (January 3, 2023), extending its winning streak to three sessions.
This increase was driven by a 1.4 percent increase in Al-Rajhi Bank shares and a 1.2 percent increase in National Bank of Saudi Arabia shares.
On Wednesday (January 4, 2023), the Saudi stock index dipped 1.2 percent, putting a stop to three days of gains; the decline was driven by a fall in both RETAL Urban Development (-1.9 percent) and Al-Rajhi Bank (-1.4 percent) shares and Aramco shares dropped by 1.6 percent.
Despite declines in oil and financial firms, the Saudi stock index closed Thursday (January 5, 2023) slightly up.
The Abu Dhabi index closes down 0.7% on Friday
On Monday (January 2, 2023), the First Abu Dhabi Bank contributed to a 0.6 percent point increase in the Abu Dhabi Securities Exchange index.
The index also rose by 0.3 percent on Tuesday (January 3, 2023), with First Abu Dhabi Bank’s share price increasing by 0.5 percent.
The First Abu Dhabi Bank contributed to the 0.1 percent point drop in the Abu Dhabi index on Wednesday (January 4, 2023).
The index also declined by 0.3 percent on Thursday (January 5, 2023) while dropping by 0.7 percent on Friday (January 6, 2023).
Dubai Index ends the week with a decline
Due to falls in the shares of Dubai Electricity and Water Authority (-1.3 percent) and District Cooling Company (-1.4 percent), both of which are connected to the Central Ventilation Systems Company in the Emirates, the Dubai index fell by 0.2 percent on Monday (January 2, 2023).
On Tuesday (January 3, 2023), the index fell by 0.1 percent, following a 0.7 percent reduction in Dubai Islamic Bank shares and a 0.7 percent drop in Emirates Corporation for Central Cooling Systems shares.
The trading day in Dubai ended without a change on Wednesday (January 4, 2023).
Real estate and banking companies were the primary contributors to Thursday’s (January 5, 2023) 0.4 percent drop in the Dubai Stock Exchange’s benchmark index, with Emaar Properties losing 1.4 percent and Emirates NBD Bank down 0.6 percent.
On Friday (January 6, 2023), the Dubai market index decreased by 0.4 percent, with Dubai Islamic Bank’s share price falling 1.1 percent and Emaar Properties’ leading share price falling 0.7 percent.Despite declines in oil and financial firms, the Saudi stock index closed Thursday (January 5, 2023) up slightly on the day.