The GCC’s main indices closed higher toward the end of week, spurred by higher oil prices.
The Saudi index “TASI” reached 13,314 points, achieving an increase of 0.4 percent on Thursday, its last trading day. At the same time, the Dubai index increased by 0.2 percent during the week as the sentiment cooled. The Abu Dhabi index recorded the third weekly rise in a row, with gains of 1.7 percent.
TASI ends the weeks with gains
The Saudi index fell 0.1 percent on Sunday (April 3, 2022), affected by a 1.1 percent decline in the share of the National Commercial Bank and 1.5 percent of Riyad Bank.
As for Monday (April 4, 2022), “TASI” rose by 0.6 percent, supported by shares of raw materials and consumer goods companies. In addition, the Saudi Arabian Mining Company (Maaden) shares rose 4 percent a day after Saudi Arabia announced that it was among eight companies that may seek to obtain a mining license in the kingdom.
The index completed its week with gains, as it rose by 0.3 percent on Tuesday (April 5, 2022) and by 0.4 percent on Wednesday (April 6, 2022) and Thursday (April 7, 2022).
Abu Dhabi index: 1% increase
The Abu Dhabi index rose 1.3 percent on Monday (April 4, 2022), recording the most significant daily percentage increase since March 2. Aldar Properties rose 0.4 percent after the company said it would buy a plot of land on Saadiyat Island.
The index continued to rise by 0.3 percent on Tuesday (April 5, 2022) but declined in the rest of the week, as it fell by 0.2 percent on Wednesday (April 6, 2022) and by 0.7 percent on Thursday (April 7, 2022).
The Abu Dhabi index closed trading on Friday (April 8, 2022), up by 1 percent.
Dubai index: major gain in 10 days
The Dubai index declined by 0.5 percent on Monday (April 4, 2022) and Tuesday (April 5, 2022). On the other hand, the index settled on Wednesday (April 6, 2022) to end its week higher, as it rose by 0.4 percent Thursday (April 7, 2022), supported by the real estate sector. It jumped by 0.8 percent Friday (April 8, 2022) in the most significant daily percentage gain in ten days.
