DUBAI, UAE – At the beginning of the week’s trading, the Saudi equities paused the losses that extended for three sessions on Sunday, but the index retreated during the rest of the trading days.
As a result, the index has fallen by 1.2 percent from the start of the year through Sunday (November 13, 2022).
In addition, the Saudi Public Investment Fund raised US$612 million through a secondary offering of shares by selling a 10 percent stake in Tadawul.
Compared to this, UAE stocks started on a downward trend last week but finished the week higher.
Saudi Arabia index: rise and then fall
The Saudi index closed up 0.3 percent on Sunday (November 13, 2022) to end three sessions of losses, bolstered by a 3.1 percent surge in the Saudi National Bank share.
TASI, however, returned to its downward trend on Monday (November 14, 2022) and fell 0.4 percent due to the 3-point drop in the National Bank of Saudi Arabia’s share price.
It also decreased on Tuesday (November 15, 2022) by 0.9 percent, under a 1.4 percent decline in the shares of Retal Urban Development and Aramco by 1.8 percent.
On the other hand, the general index of the Saudi stock market increased by 0.49 percent, or 54.66 points, to end the day at 11151.24 points on Wednesday (November 16, 2022).
The food retail industry topped with a 2.7 percent increase across 14 Saudi Stock Exchange sectors.
At the week’s trading close, the main index declined on Thursday (November 17, 2022) by 0.1 percent, caused by the 1.9 percent decline in Riyad Bank’s share.
Abu Dhabi: 0.4% increase
On Monday (November 14, 2022), the benchmark index at the Abu Dhabi Securities Exchange fell by 0.1 percent and on Tuesday (November 15, 2022), it fell by 0.9 percent; shares of First Abu Dhabi Bank were among the biggest losers, falling by 2 percent.
On Wednesday (November 16, 2022), Abu Dhabi’s main index declined, by 0.4 percent, while eight sectors on the Abu Dhabi Stock Exchange, led by real estate, decreased by 1.9 percent.
On Thursday (November 17, 2022), the index fell by 0.6 percent, and on Friday (November 18, 2022), it rose by 0.4 percent, thanks to a 2.5 percent increase in Abu Dhabi Ports Group.
This was in response to the company’s announcement that it had acquired the global platform for integrated logistics services (Noatum) in a deal valued at more than US$680 million to expand its logistics business.
Dubai: Market divergence
On Monday (November 14, 2022), the leading share of Emaar plummeted, causing the Dubai Stock Exchange index to fall by 0.4 percent before the company announced its third-quarter financial results.
Furthermore, it fell by 0.6 percent on Tuesday (November 15, 2022), with the maximum stake of Emaar Properties decreasing by 1.7 percent.
On Wednesday (November 16, 2022), the general index of the Dubai Financial Market decreased by 0.8 percent, while eight sectors plummeted, led by the services sector, which fell by 3.9 percent.
The index also declined by 0.3 percent (Thursday, November 17, 2022), with the shares of Dubai Electricity and Water Authority (DEWA) decreasing by 2.1 percent.
The index recovered on Friday (November 18, 2022), as it grew by 0.6 percent, boosted by 1.3 percent in DEWA shares.