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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

High oil prices lift up Saudi and UAE indices

A trader walks by beneath a stock display board at the Dubai Stock Exchange in the United Arab Emirates. (Photo by GIUSEPPE CACACE / AFP)
  • The Saudi index "TASI" rose by 2.6 percent and the Dubai index rose by 4.7 percent. The Abu Dhabi index achieved the highest increase by 7 percent monthly
  • On February 28 the Abu Dhabi index experienced its highest one-session rise since December 6, climbing 2.2 percent

Thanks to a spike in crude oil prices pushed beyond $100 by the Russian-Ukraine conflict, the stock markets of Saudi Arabia and the UAE posted gains in February.

The Saudi index “TASI” rose by 2.6 percent and the Dubai index rose by 4.7 percent. The Abu Dhabi index achieved the highest increase by 7 percent monthly.

Good Performance for TASI

A 6.7 percent rise in Sahara International Petrochemicals and a 4.7 percent rise in the Saudi Arabian Mining Company pushed the Saudi stock index up around 1 percent on Sunday (February 27, 2022).

1.4 percent was the most significant daily percentage gain since February 14 for the “TASI” index on Monday (February 28, 2022). Saudi Aramco, the world’s largest oil company, also helped to boost morale, rising 1.5 percent.

Tuesday (March 1, 2022) saw a climb in the index by 0.7 percent, to a total of 84 points, while trading in the money market reached 12,674 points, and Aramco’s share jumped by almost 4 percent to an all-time high.

Aramco was the top gainer on Thursday (March 3, 2022) as the Saudi index closed up 0.8 percent.

Abu Dhabi: A week ended in decline

On Monday (February 28, 2022), the Abu Dhabi index experienced its highest one-session rise since December 6, climbing 2.2 percent. On Tuesday (March 1, 2022), it increased by 2.2 percent, with Dubai Ports Company’s share price rising by 0.3 percent.

On Wednesday (March 2, 2022), the index ended its four-day streak of rises with a gain of 1.7 percent. In response to the company’s board of directors proposing special cash dividends, TAQA stock climbed 3.3 percent. Also, on Thursday (March 3, 2022), the index rose by 0.7 percent.

On the other hand, the Abu Dhabi index had its first dip in six sessions on Friday (March 4, 2022), falling by 0.6 percent.

Dubai: Variant Performance

Since November, this week has been the most fabulous for Dubai’s main index, which surged 1.3 percent on Monday (February 28, 2022). On Tuesday, the banking and real estate sectors helped it grow by 1.3 percent (March 1, 2022). In addition, a 2.6 percent increase was recorded by the shares of Emirates Integrated Telecom.

On Wednesday, the Dubai Stock Exchange index surged by 2.1 percent (March 2, 2022). In addition, Emirates NBD and Emirates Integrated Telecommunications Company’s stock price increases helped push the index up by 0.4 percent on Thursday (March 3, 2022).

After a five-day streak of advances, the Dubai index dipped by 0.9 percent on Friday (March 4, 2022), with the financial services and communications sectors taking the most hit.