Saudi and UAE stock markets end the week lower

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This picture shows a man monitoring the board at the Stock Exchange Market (Tadawul) bourse in Riyadh. AFP FILES PHOTO
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  • Saudi and UAE stock markets ended the week lower, following Asian markets
  • Concerns about slowing global economic growth impacted investor sentiment

The Saudi and UAE stock markets ended the week lower, following Asian markets, as concerns about slowing global economic growth impacted investor sentiment.

Aramco records the highest closing in two weeks.

On Sunday (June 26, 2022), the TASI general index rose 1.7 percent for the Saudi stock market on Sunday.

Nineteen sectors increased, the first of which is long-term commodities, which rose by 4.7 percent, followed by the pharmaceutical industry by 3.6 percent.

There was a 0.7 percent drop in the Saudi stock market index on Monday (June 27, 2022), with the management and development of real estate falling by a staggering 4.4 percent. However, on Tuesday (June 28, 2022), the index gained 243.89 points, an increase of 2.1 percent.

It’s worth noting that TASI gained 0.5 percent on Wednesday (June 29, 2022), thanks partly to an increase in Aramco’s stock, which rose by 0.9 percent and reached its best close in two weeks. Despite this, SABIC shares dropped by about 1 percent.

After trading for US$ 1.6 billion on Thursday (June 30, 2022), Saudi Arabia’s market index TASI finished down 1.7 percent at 11,523 points.

ADX: Ends the week down

At the close of trading on Monday (June 27, 2022), the Abu Dhabi Securities Exchange main index gained 24.34 points or 0.3 percent. Telecommunications was the second-highest gainer at 1.48 percent, followed by six other sectors on the Abu Dhabi Exchange.

304.04 points were added to the index on Tuesday (June 28, 2022). Al Buhaira National Insurance Company led the way on the Abu Dhabi Stock Exchange with a 15 percent gain.

Abu Dhabi’s main index fell by 0.4 percent on Wednesday (June 29, 2022).

As of Thursday (June 30, 2022), the index had fallen by 0.4 percent to 9,313.2 points, with a trading value of US$ 476 Million.

Alpha Abu Dhabi Holding’s 3.2 percent decline weighed on the general index of the Abu Dhabi Securities Exchange, which ended Friday’s trading session with a loss of 0.3 percent.

Finance pressures ADX performance

The general index of the Dubai Financial Market rose by 0.4 percent, closing at 3217.50 points and trading volume reached 58.5 million shares on Monday (June 27, 2022).

Commodities led the way, up 13.49 percent on the Dubai Stock Exchange, followed by transportation at 0.73 percent.

On Tuesday (June 28, 2022), the overall index of the Dubai Financial Market rose by around 1 percent, adding 35.21 points.

Investment and financial services led the way with a 2.7 percent gain on the Dubai Stock Exchange.

On Wednesday (June 29, 2022), the index fell by 0.2 percent, and on Thursday (June 30, 2022), it fell by 0.6 percent.

Emaar Properties’ stock price fell by 1.3 percent, while Gulf Navigation Holding Company’s stock price climbed by 7.8 percent.

Emirates NBD Bank and Dubai Islamic Shares were down 3 percent and 2 percent respectively on Friday (July 1, 2022), weighing on the index in Dubai, which fell 0.7 percent.

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