Gulf stocks fluctuated during the week of November 7 to November 11, 2021, with the Saudi index beginning the week with a 0.3 percent gain and ending the week with a 0.4 percent gain.
Meanwhile, the Abu Dhabi index rose 0.7 percent to record a high at the end of the week.
The Dubai Financial Index led the Gulf markets on Thursday, November 11, posting a fifth consecutive week of gains.
Saudi index goes up
On Sunday, November 7, the Saudi index increased by 0.3 percent, with Al-Rajhi Bank climbing by 0.9 percent and Saudi Basic Industries Corporation for Petrochemicals rising by 1.1 percent. With no dividends paid, Aramco shares declined by 0.7 percent.
TASI finished unchanged on Monday, as gains in banking equities balanced the fall in the petrochemical sectors. Aramco shares declined for a second straight day, this time by 0.3 percent.
After falling by 0.79 percent, the Saudi Stock Exchange index closed at 11,753.18 on Tuesday, losing 93.35 points. As a result, the stock market lost 3.7 percent of its value, with public utilities leading the way.
With Al-Rajhi Bank increasing 1.4 percent and the National Bank of Saudi Arabia rising 3 percent, the Saudi index gained by 0.9 percent on Wednesday.
The index continued its growth on Thursday, by 0.4 percent this time, supported by the 4.9 percent increase in the shares of SABIC Agricultural Nutrients Company, and the closing of the Saudi National Bank share with a 1.5 percent increase.
Abu Dhabi index records its highest level
At the start of the week (Sunday, November 7), the Abu Dhabi index was down 0.1 percent, and Etisalat was down 0.7 percent.
A 1.7-percent gain in Abu Dhabi Bank’s first share and a 1.3 percent gain in International Holding Company’s first share propelled the index to its highest level ever on Monday.
On Tuesday, the Abu Dhabi index continued to progress by 0.17 percent, and three sectors in the Abu Dhabi Stock Exchange increased.
It was headed by the industry sector, gaining 6.45 percent and 22 shares in the Abu Dhabi Stock Exchange rose, led by the “Al Qudra Holding Company share that rose 14.94 percent.
On the other hand, the Etisalat share price increase of 1.5 percent boosted the index by 0.4 percent on Wednesday.
An all-time high was set on Thursday when the Abu Dhabi index rose 0.7 percent, with the telecom company’s stock climbing 1.5 percent.
DFM beats Gulf markets
The Dubai Financial Market index opened the week with a 0.6 percent fall on Sunday (November 7), weighed down by a 1.3-percent decline in Emaar Properties and a 3.1 percent decline in Dubai Investments.
The index rebounded by 0.2 percent on Monday, with the Dubai Financial Market Company’s share maintaining its five-session winning streak following the emirate’s announcement of plans to establish a market maker fund worth $545 million.
On the other side, the DFM’s general index increased by 0.5 percent, or 15.68 points, to close at 3,119.96 points on Tuesday.
On the Dubai Stock Exchange, the real-estate sector increased by 3 percent, while six sectors, led by investment and financial services, decreased by 3.54 percent.
The Dubai market’s main index descended 0.4 percent on Wednesday, weighed down by a 1.8 percent decline in Emirates NBD Bank and a 1.6 percent decline in Emaar Properties’ leading shares prior to the results announcement.
Union Properties’ stock fell 9.9 percent on rumors that its chairman, Khalifa Al Hammadi, had been jailed in connection with an inquiry.
On Thursday, the index outperformed the rest of the Gulf financial markets, closing on a positive note for the fifth consecutive week, and the Dubai market’s main index improved 1.1 percent, boosted by a 2.5 percent gain in Emirates NBD and a 4.8 percent gain in Air Arabia.