Saudi index ends week down 0.4%, Qatar up 1.2%

The Saudi Stock Exchange ended the week down 0.4 percent after closing lower in most of its sessions this week, except Monday (October 25, 2021), when it was supported by a 1.6 percent increase in Al-Rajhi Bank. 

In the UAE, the Abu Dhabi index began the week at its highest level ever, led by the largest UAE bank’s gains, and ended the week 0.2 percent higher, while the Dubai Stock Exchange index ended the week 0.1 percent lower. 

The Qatar Stock Exchange index, on the other hand, finished the week up 1.2 percent, reversing two sessions of losses.

 Saudi index dragged down by 3 percent slide in SABIC

The Saudi index closed sliding 0.4 percent on Thursday, October 28, 2021, due to a 3 percent drop in Saudi Basic Industries Corporation (SABIC) shares, while Aramco’s shares settled at the close, a day after the company’s valuation at $2 trillion.

The main index also fell 0.3 percent on Wednesday (October 27, 2021), with Saudi Basic Industries Corporation (SABIC) and Al-Rajhi Bank losing 1.2 percent and 0.3 percent, respectively. Aramco’s share price rose 0.8 percent to US$ 10.05, its highest close since December 17, 2019. 

On Tuesday, the Saudi stock market’s general index “TASI” fell 0.36 percent, or 43.15 points, to close at 11846.69 points. The Saudi stock market collapsed in 12 sectors, led by health care (-1.33 percent), while the media and entertainment sector rose 3.96 percent.

The benchmark index of Saudi stocks increased 0.4 percent on Monday, supported by a 1.6 percent increase in Al-Rajhi Bank after it announced an increase in its quarterly net profit. While on Sunday (October 24, 2021), the Saudi index closed down 0.8 percent due to a 3 percent drop in Al-Rajhi Bank’s shares, the index’s five-day rally came to an end.

Abu Dhabi index adds 0.2 percent on IHC gains 

International Holding Company (IHC) shares rising 0.7 percent on Thursday (October 28, 2021) supported the Abu Dhabi Stock market to increase by 0.2 percent. The rising shares resulted from Al Sir Marine Equipment and Supplies (Al Sir Marine) acquiring two ships fitted with refrigerated containers and a vessel to transport bulk goods.

On Wednesday (October 27, 2021), the Abu Dhabi index fell 0.6 percent, affected by a 1.9 percent drop in the First Abu Dhabi Bank share value. On the other hand, the share of VertiGlobe, a joint venture between the Abu Dhabi National Oil Company (ADNOC) and the chemical producer (OCI), rose by about 18 percent above its listing price of 2.55 dirhams on its debut on the market. 

The Dubai Stock Exchange also fell on Wednesday by 0.1 percent, affected by a 4.2 percent drop in the stock of logistics company Aramex.

The Abu Dhabi Stock Exchange’s general index fell 0.39 percent on Tuesday, October 26, 2021, losing 30.89 points to close at 7902.985 points. While the Dubai Financial Market’s general index increased by 0.01 percent, or 0.45 points, to settle at 2866.12 points. 

On Monday, the Abu Dhabi Stock Exchange closed lower after hitting record highs in previous sessions. Its main index ended the session slipping 0.2 percent, with Alpha Abu Dhabi Holdings dropping 2.5 percent, despite a sharp increase in its quarterly profits. Dubai’s main index also decreased 0.5 percent, affected by a 1.4 percent drop in Emirates NBD Bank, and logistics services Aramex fell 1.5 percent, reversing five consecutive sessions of gains. 

And on Sunday, the Abu Dhabi Stock Exchange reached its highest level ever, boosted by gains by the largest Emirati bank. The Abu Dhabi index surged 0.9 percent to its highest level ever, inspired by a 2.1 percent increase in the share of First Abu Dhabi Bank. Likewise, Dubai’s main index increased 0.8 percent, followed by an 8.7 percent increase in Aramex.

Qatar Stock Market trumps two-session losing streak

The Qatar Stock Exchange index closed up 1.2 percent on Thursday (October 28, 2021), snapping a two-session losing streak, aided by a 3.3 percent increase in the Commercial Bank of Qatar’s share price.

The Qatari index sank 0.4 percent on Wednesday (October 27, 2021), led by Commercial Bank, which fell 1.8 percent, and Irida Telecom, which plunged 2.4 percent ahead of its results announcement. Qatar’s main index declined (Tuesday, October 26, 2021) by 1.08 percent, shedding 127.78 points to settle at 11706.40 points.

Moreover, Qatar’s index closed Monday’s session 0.1 percent higher, led by Industries Qatar’s 2.1 percent gain ahead of its earnings report. In addition, the commercial Bank of Qatar’s shares increased by 0.9 percent following the bank’s outstanding performance in the first nine months of 2021.

On Sunday (October 24, 2021), Qatar’s main index closed down 0.4 percent, owing to a 2.4 percent decrease in the share of Petrochemical Industries Qatar.