Saudi, UAE indices fluctuate through the week

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  • Emaar Properties’ 1.7 percent share price reduction weighed on the index on Tuesday as it fell 1 percent
  • With the Commercial Bank of Dubai up 8.4 percent and Emirates NBD Bank up 0.8 percent, the Dubai index recovered previous losses

The Saudi index TASI fell in the last two days of this week, affected by the decline in shares of several banks, after it closed on Sunday near its highest level in 15 years amid high oil prices resulting from geopolitical turmoil that exacerbated fears of tight energy supplies.

On the other side, Dubai’s index rose 0.6 percent to 3,171 points, and the Abu Dhabi index was flat at 8,733 points on Friday, after the UAE government declared plans to impose a federal tax of 9 percent on corporate profits, starting June 2023.

TASI in the red

The Saudi index rose by 0.7 percent Sunday, January 30, with the share of the Saudi Basic Industries Corporation (SABIC) and Aramco increasing 1.5 percent and 0.7 percent, respectively. So, the kingdom’s energy index rose 0.6 percent.

TASI closed at 12,271.84 points, up 0.1 percent or 12.59 points on Monday. The Saudi stock market expanded in nine sectors, led by applications and technology services (1.39 percent), while media and entertainment fell 4.91 percent.

The Saudi stock market closed 0.2 percent higher on Tuesday, boosted by a 1.5 percent rise in the National Bank of Saudi Arabia stock.

However, it declined 0.8 percent on Wednesday, impacted by a 25.8-percent drop in Saudi Investment Bank shares. Despite a rise in annual earnings, the Saudi National Bank’s stock decreased 2.7 percent.

The index fell another 50.23 points on Thursday, closing the week at 12,142.38.

Abu Dhabi index rises

On Monday, January 31, the Abu Dhabi general index was down 0.7 percent, with the industrial sector losing 1.65 percent, the investment sector 0.71 percent, and financial-services sector 0.71 percent.

The index shares, however, rose 0.7 percent on Tuesday, supported by a 0.2-percent rise in the International Holding Company’s share price.

On Wednesday, it gained by 0.2 percent, with the Etisalat Group’s share rising 0.24 percent.

Abu Dhabi’s stock market closed slightly lower on Thursday at 8,728 points. As many as 11 of the 50 firms that were traded saw their shares rise, while 30 companies saw their shares fall, and nine remained unchanged.

On Friday, after releasing a report on net profit for the year, Aldar Properties gained 1.2 percent, and Ras Al Khaimah National Bank gained 13.3 percent. This helped the Abu Dhabi index to finish the week’s trading up by 0.1 percent.

Oil prices boost Dubai index

The Dubai Financial Market’s general index fell by 0.53 percent, or 17.29 points, on Monday, January 31, to close at 3,203.08 points.

The investment and financial services sector grew by 4.1 percent, while real estate increased by 0.49 percent.

Emaar Properties’ 1.7 percent share price reduction weighed on the index on Tuesday as it fell 1 percent and extended its losses from the previous session.

However, it rose 0.1 percent on Wednesday, supported by a 0.4-percent rise in Dubai Islamic Bank’s share.

The Dubai index lost 0.7 percent on Thursday, closing at 3,153 points. On Friday, it rebounded to increase 0.6 percent after oil prices hit their highest level in seven years due to supply concerns.

With the Commercial Bank of Dubai up 8.4 percent and Emirates NBD Bank up 0.8 percent, the index recovered from its losses from the previous session.

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