Several Gulf stock markets opened down on Sunday, January 23.
The most notable of which was the Saudi index, which ended a 10-day streak of advances following Friday’s decline in oil prices and global stock markets.
On the other hand, a weekly increase of 0.7 percent was recorded for the Abu Dhabi index and 0.3 percent for the Dubai index.
TASI ends gain days
Al-Rajhi Bank’s share dropped by 0.7 percent, while Aramco’s share dropped by 1 percent, resulting in a 1.2 percent drop in the Saudi market’s main index TASI on Sunday, January 23.
It continued its decline on Monday, shedding 0.6 percent under the weight of the decline in the share of Al-Rajhi Bank by 1.3 percent and the decrease in the stocks of the National Bank of Saudi Arabia by 2.5 percent.
As of Tuesday, the main index of Saudi stocks ended the trading session, up 0.3 percent, with the support of the energy and finance sectors. Aramco shares rose 0.8 percent, while Al-Rajhi Bank rose 0.3 percent.
TASI continued to rise on Wednesday by 0.6 percent, with Al-Rajhi Bank’s share increasing by 0.7 percent, while Riyad Bank’s share jumped 2 percent.
The Advanced Petrochemical Company’s share also rose 2.9 percent after announcing the repurchase of 1.5 million shares.
In addition, the share of the Saudi Automotive Services Company jumped about 10 percent after acquiring an 80 percent stake in a company that operates gas stations.
After a tumultuous session, Saudi Arabia’s main index closed unchanged on Thursday, with Al-Rajhi Bank’s share dropping by 7 percent and the Saudi National Bank’s share rising by 1.4 percent.
Abu Dhabi index rises
On Monday, January 24, Abu Dhabi’s main stock index fell by 0.1 percent, with the International Holding Company’s share decreasing by 0.6 percent.
However, it rebounded on Tuesday and closed up 0.1 percent, with First Abu Dhabi Bank’s share up 0.2 percent.
On Wednesday, the Abu Dhabi index rose by 0.1 percent, with First Abu Dhabi Bank’s share price jumping by 0.5 percent.
The index gained another 0.2 percent on Thursday. It increased a further 0.4 percent on Friday, backed by a 1.3 percent increase in the Etisalat Group share.
On a weekly basis, the Abu Dhabi index rose by 0.7 percent.
Dubai index drops big
The leading Emaar Properties stock plummeted by 3.5 percent, while Emirates NBD Bank declined 1.9 percent, contributing to a 2 percent decline in the main Dubai index on Monday, January 24.
The index increased by 0.4 percent on Tuesday, led by Emirates NBD Bank, which rose 1.9 percent, while Emaar Properties rose 1.1 percent.
The index continued its gains on Wednesday, rising 0.5 percent, supported by a 1.5 percent increase in Emaar Properties and a 0.6 percent rise in Dubai Islamic Bank after it announced a rise of 39.6 percent in its profits in 2021.
The Dubai index advanced 0.5 percent on Thursday, supported by a 1.5 percent jump in Emirates NBD Bank after it announced a 34 percent annual profit increase.
On Friday (January 28, 2022), the index ended its week with a 1 percent increase, supported by real-estate stocks, as Emaar Properties jumped 2.1 percent, and Emirates Integrated Telecommunications Company rose 1.2 percent.
Emaar Development, the listed unit of Emaar Properties, also rose 2.4 percent.
The Dubai index ended up recording a weekly gain of 0.3 percent.