The surge in oil prices fueled the start of the week’s high for the Saudi stock market, and the TASI continued to advance throughout the week, closing Thursday’s trading with a gain of 0.3 percent.
On the other side, the Dubai and Abu Dhabi bourses were also down on Monday but ended the week with gains of 0.3 percent and 3.3 percent, respectively.
TASI sees continued rise
A 0.3 percent gain on Sunday, January 16, brought the Saudi index up to its most significant level since July 2006, with the Saudi Arabian Mining Company or Maaden gaining 3.4 percent. The previous Friday’s session had already seen the index hit its highest level since July 2006.
Petrochemical company Saudi Basic Industries Corporation (SABIC) saw its stock price rise 1.2 percent, making it one of the other top gainers.
The TASI continued to rise, by 0.5 percent on Monday, buoyed by a 1.4-percent increase in the National Bank of Saudi Arabia and a 1.8 percent increase in the Saudi Electricity Company’s share prices.
The Saudi stock market climbed 0.23 percent on Tuesday, closing at 12,193.75 points, with telecommunication shares leading the way with a 2.61 percent gain.
With Al-Rajhi Bank up 1.5 percent and SABIC’s share up 1.8 percent, the main index of Saudi stocks rose 0.5 percent on Wednesday, according to the Saudi Stock Exchange (SSE).
As the result of a 3.2 percent rise in the shares of Banque Saudi Fransi, the TASI closed the week on Thursday with a 0.3 percent gain.
Abu Dhabi index fluctuates
Monday, January 17, saw a 0.1 percent drop in the main index of shares on the Abu Dhabi Stock Exchange following news of an explosion and fire at Abu Dhabi Airport.
However, it gained 18.59 points — 0.221 percent — on Tuesday, closing at 8,431.81 points. A total of five sectors on the Abu Dhabi Stock Exchange increased 1.24 percent, headed by industries.
On Wednesday, First Abu Dhabi Bank’s share price rose 3.9 percent to support the 1.6 percent advance in the Abu Dhabi index.
Thursday saw an increase of 0.8 percent in the share price of Etisalat Company and a 2.2 percent increase in the share price of the commercial bank of Abu Dhabi.
On Friday, the index gained 0.3 percent due to improvements in the telecoms sector.
Finance supports Dubai bourse
Stocks on Dubai’s stock exchange declined 0.7 percent on Monday, January 17, following a 2.3 percent loss in Emirates NBD and a 1.2 percent drop in shares of UAE Telecommunications Company, much like the index on the Abu Dhabi Stock Exchange did.
A 0.04 percent drop on Tuesday resulted in a loss of 1.47 points, bringing the closing price to 3,177.88 points. Real estate declined by 1.11 percent, leading to a decline in three other sectors on the Dubai Stock Exchange.
The leading Dubai stock market index fell another 0.3 percent on Wednesday, weighed down by a 1.2 percent drop in Emirates NBD shares and a 0.2 percent drop in Emaar Properties shares.
It ended the day unchanged on Thursday.
As for Friday, the Dubai Stock Exchange index, supported by the shares of the financial sector, increased by 1.3 percent, with the Emirates NBD share recording the highest jump since April 2020 and an increase of 6.3 percent ahead of the announcement of earnings results next week.