Despite a 3.9 percent increase in the food and beverage sector and a generally mixed week for the Saudi Stock Exchange, trading finished on Friday in the red.
In comparison, the UAE stock markets continued their downward trend on Friday, with the Abu Dhabi index finishing down 0.1 percent and Dubai main index losing 0.3 percent at the end of the week.
Mixed weekly performance
At the end of trading on Sunday (August 14, 2022), the broad TASI index of the Saudi stock market was down 0.1 percent, or 16.39 points. The healthcare industry led a decline of 1.6 percent for eight other market segments in Saudi Arabia.
However, thanks to gains of 2.9 percent in Yanbu Cement Company shares, the Saudi benchmark ended Monday’s (August 15, 2022) tumultuous trading session up 0.2 percent.
According to official figures, Saudi Arabia’s CPI grew 2.7 percent year-over-year in July, faster than the 2.3 percent increase in June.
In addition, the General Authority for Statistics released a statement indicating a 3.9 percent rise in the food and beverage industry.
At market close on Tuesday, August 16, 2022, the broad TASI index of the Saudi stock market rose by 0.01 percent or 1.37 points.
The media and entertainment industry led a 5.7 percent increase in 16 Saudi Stock Exchange sectors.
On Wednesday (August 17, 2022), the index grew by 0.8 percent as 14 sectors on the Saudi Stock Exchange increased, with the media and entertainment industry rising by 8.6 percent.
However, the general index of the Saudi stock market “TASI” ended Thursday’s trading down 0.2 percent, or 25.01 points.
More losses
The share of the worldwide holding company declined 0.6 percent on Monday (August 15, 2022) as the Abu Dhabi index fell 0.5 percent, continuing its decline from the record level achieved last Thursday.
On Tuesday (August 16, 2022), the index dropped by 0.1 percent or 20.05 points. And the energy sector declined by 0.6 percent, and the healthcare sector fell by 0.4 percent in Abu Dhabi.
In contrast, the index increased by 0.7 percent, or 75.08 points, on Wednesday (August 17, 2022).
In addition, four industries rose, the most notable of which was the real estate sector (1.2 percent).
However, on Thursday (August 18, 2022), the Abu Dhabi index dropped by 1.6 percent after its return.
The telecommunications industry led a decline of 2.4 percent in six other sectors on the Abu Dhabi Stock Exchange.
On Friday (August 19, 2022), the index closed the week down 0.1 percent, down 15.40 points. Utilities led a group of six sectors that fell by 1.5 percent on the Abu Dhabi Stock Exchange.
Real estate led the gain and loss
On Monday (August 15, 2022), the main stock index in Dubai opened the week, rising 0.1 percent, with Emaar Properties increasing by 1.1 percent to help make up for some of the losses from the previous session.
The index gained 0.5 percent, or 17.27 points, on Tuesday (August 16, 2022). Commodities led a 2.6 percent increase across four industry groups on the Dubai Stock Exchange.
On Wednesday (August 17, 2022), the index rose by 1.2 percent, or 43.16 points, to a final value of 3,457.75.
However, by the close of trade on Thursday (August 18, 2022), the main index of the Dubai market had dropped by 0.7 percent, with five sectors in the Dubai Stock Exchange declining, led by real estate (-1.44 percent), banks (-0.9 percent), and investment and financial services (-0.8 percent).
The index was down 0.3 percent for the week ending August 19, 2022, while three sectors on the Dubai Stock Exchange were down 0.93 percent, with banks leading the decline.