The main index of the Saudi Stock Exchange rose by 2.4 percent at the start of the week but was down by 0.5 percent on Thursday (December 9).
While the Abu Dhabi index broke a record high at the beginning of the week, surpassing the level it had hit on Tuesday (November 29) and increasing by 2.6 percent.
A drop in First Abu Dhabi Bank’s stock led the Abu Dhabi index to end the week, declining 0.8 percent.
The Dubai index, on the other hand, maintained its high levels and ended the week with a gain of 0.9 percent.
Aramco affects Saudi index
Al-Rajhi Bank shares rose 3.6 percent, while Sahara International Petrochemicals shares rose 7.4 percent on Sunday, December 5, boosting the Saudi index by 2.4 percent. Also among the risers was Aramco’s stock, which gained 0.7 percent.
As for Monday, the Saudi index fell 1.1 percent, influenced by the 5.3 percent drop in the Saudi Telecom Company’s share.
It then returned and rose on Tuesday by 0.8 percent, with Al-Rajhi Bank rising 1.5 percent and the Saudi Basic Industries Corporation (SABIC) share up 1.1 percent.
Saudi Arabia’s stock market fell 1.1 percent on Wednesday, with Al-Rajhi Bank’s share falling 2.3 percent and Banque Saudi Fransi’s share falling 4.5 percent.
Al-Rajhi Bank’s share price fell 7 percent, while Aramco’s share price dropped by 9 percent, as the Saudi index fell by 0.5 percent on Thursday.
Abu Dhabi: Regression after record highs
On Sunday, December 5, the Abu Dhabi index achieved a record high and closed up 2.6 percent, boosted by an 8.8 percent increase in the Etisalat Group share.
With Etisalat’s stake growing further, the index climbed another 2.6 percent on Monday to achieve a fresh peak.
The Abu Dhabi index slipped 0.2 percent on Tuesday, with the share of Abu Dhabi Commercial Bank plunging 2.6 percent.
On Wednesday, it lost all of its gains and ended down 0.3 percent.
The main index of Abu Dhabi fell by 0.8 percent on Thursday, mainly due to First Abu Dhabi Bank’s 2.3 percent drop in shares.
Dubai Index’s upbeat week
It was a good start to the week for the Dubai index on Sunday, December 5, rising 0.5 percent, with the Emirates NBD Bank and Aramex Logistics Services stock each rising by more than 1 percent.
An 11 percent surge in Dubai Financial Market shares helped the index continue to advance by 2.4 percent on Monday, bolstered by rises in most of the other listed equities.
On Tuesday, the index rose by 1 percent, boosted by a 2.5 percent increase in Emaar Properties’ share.
It gained 0.1 percent on Wednesday, boosted by Emirates NBD Bank’s 2.2 percent growth.
On Thursday, the Dubai index completed the week with a gain of 0.9 percent, supported by a 2.3 percent rise in Dubai Islamic Bank shares.