After a shaky start to the week, Saudi Arabia and UAE’s stocks finished the week powerful in “green.” With help from Al-Rajhi Bank and an increase in Retal Urban Development Company shares, the Saudi index “TASI” closed trading on Thursday with a gain.
On the other hand, the main Abu Dhabi Securities Exchange index finished the week up 0.5 percent, with five sectors and 34 shares gaining ground.
On Thursday, based on proposals to increase the cap on foreign ownership, the primary Dubai index recorded its most significant daily gain in more than a year, with trading finishing up 0.01 percent on Friday.
Good ending for the Saudi index
The basic materials sector weighed on the overall index as trading in the Saudi stock market came to a close on Sunday (August 21, 2022) with a loss of 0.5 percent and 67 points, bringing the index to a new low of 12,554 points. When the dust settled on the day’s money market trading, the shares of 63 firms had increased in value, led by a 10 percent increase in SADAFCO and the Red Sea shares, while the shares of 142 companies had decreased.
On the other hand, the TASI, the Saudi stock market’s general index, gained 0.05 percent, or 5.9 points, to end the day at 12560.48 points on Monday (August 22, 2022). The food retail industry led the way with a 2.9 percent gain on the Saudi Stock Exchange.
Al-Rajhi Bank contributed to the index’s 0.2 percent gain on Tuesday (August 23, 2022), while the Saudi National Bank’s 0.6 percent gain helped the index as a whole. On Wednesday (August 24, 2022), the index was up 0.1 percent, and Aramco’s share price was up 2.0 percent.
On Thursday (August 24, 2022), the Saudi index finished the week up 1.2 percent due to gains of 1.6 percent at Al Rajhi Bank and 0.8 percent at Retal Urban Development Company.
Abu Dhabi’s main index rose 0.5% on Friday
Abu Dhabi’s main index decreased 0.4 percent on Monday (August 22, 2022) to finish at 10,063.18 points, and six sectors dropped, led by industries (-1.2 percent).
The index fell on Tuesday (August 23, 2022) by 0.2 percent, with the share of the International Holding Company falling 0.2 percent. While on Wednesday (August 24, 2022), it declined by 0.2 percent, and 16 companies’ shares fell, 27 shares rose, and 12 stocks stabilized.
The main index gained 0.2 percent on Thursday (August 25, 2022) and 0.5 percent by the close of business on Friday (August 26, 2022), with gains in five sectors topped by health care’s 1.3 percent.
Dubai: best results in a year
On Monday (August 22, 2022), the general index of the Dubai Financial Market declined by 0.3 percent, or 11.61 points, to 3,408.11 points. Moreover, eight sectors fell, led by commodities (-1.4 percent).
After “Emaar Properties” shares dropped by around 1 percent and “Dubai Islamic Bank” shares dropped by 1.3 percent on Tuesday (August 23, 2022), Dubai’s main index decreased by 0.4 percent.
On the other hand, the Dubai Financial Market index rose by 0.9 percent on Wednesday (August 24, 2022), the Emaar Company grew 3.3 percent, and Emaar Development rose 3.4 percent, while the Emirates NBD Bank share declined 0.7 percent.
The index also rose on Thursday (August 25, 2022) by 1.2 percent, supported by the closing of Emaar Properties’ shares, up by 4 percent, in the most significant daily gain, in more than a year, on the back of plans to raise the limit of foreign ownership.
The index ended its trading on Friday (August 26, 2022) with an increase of 0.01 percent, with the rise of 6 sectors, led by commodities (8.2 percent), followed by banks (0.8 percent).