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.