Dubai, UAE— Saudi Arabia’s main index, TASI, gave up its gains at the end of its weekly trading, Thursday, due to a drop in crude oil prices.
Both Abu Dhabi and dubai, started their weekly performance down but regained some of its losses on Wednesday. On Thursday and Friday the market in the UAE was closed for for Martyr’s Day and the 51st Union Day.
Banking and energy sectors pressure TASIÂ
On Sunday, November (27, 2022) the Saudi index dropped 1.3 percent, with Al-Rajhi Bank down 1.2 percent and the SABIC agricultural fertilizers index down 3.9 percent. The price of Aramco stock also fell by 0.3 percent.
TASI dropped 0.5 percent on Monday (November 28, 2022), as shares of RETAL for Urban Development and Saudi Aramco declined by 2.8 percent.
However, on Tuesday (November 29, 2022), the benchmark index in Saudi Arabia increased by 0.1 percent, helped by a 3.1 percent increase in Aramco’s share.
As a result of the increase in oil prices, the “TASI” index rose by 1.35 percent on Wednesday (November 30, 2022), settling at 10,896.91 points.
Aramco increased by 0.9 percent. At the same time, stocks in Maaden shifted by more than 4 percent.
In addition, al-Rajhi gained 0.25 percent, Arab Bank gained 5 percent, Saudi British Bank (SABB) gained 3 percent, and Bank Al-Bilad gained 4.65 percent.
The banking and energy sectors ultimately weighed on the main index in Saudi Arabia, which caused it to give up its morning gains and end the day down 0.7 percent on Thursday (December 1, 2022).
As a result, the Saudi British Bank and Aramco saw their share prices drop by over 2 percent. While Sahara International Petrochemical Company (Sipchem) shares, on the other hand, increased by 5.7 percent after the company declared a cash dividend of 1.50 riyals per share for the second half of 2022.
Abu Dhabi index: Finally rebounded
The share price of First Abu Dhabi Bank fell by 3.9 percent on Monday (November 28, 2022), contributing to a 1.2 percent reduction in the main index of the Abu Dhabi market overall.
On Tuesday (November 29, 2022), the index fell by 0.1 percent, affected by a 0.6 percent drop in the shares of First Abu Dhabi Bank, the country’s largest bank.
After three consecutive days of losses, the index rebounded by 1.5 percent on Wednesday (November 30, 2022), led by a 1.7 percent increase in shares of First Abu Dhabi Bank, the largest bank in the UAE.
Variation in Dubai’s index performance
On Monday, (November 28, 2022), the Dubai Stock Exchange index dropped 0.5 percent due to declines in Emirates NBD Bank (-1.5 percent) and Dubai Electricity and Water Authority – DEWA (-1.3 percent).
Following a 3 percent increase in the low-cost transportation business Air Arabia, Dubai’s main index, finished trading on Tuesday (November 19, 2022) up 0.5 percent.
After gains of 2.2 percent for Emaar Real Estate Development and 2.8 percent for Emirates NBD Bank, the main index in Dubai rose 0.6 percent on Wednesday (November 20, 2022).