The Saudi index, TASI, fluctuated during this week’s sessions, owing to a rise in Aramco shares and an increase in the company’s market capitalization to slightly over $2 trillion.
The Abu Dhabi Stock Exchange’s results were equally mixed, with the exchange ending the week up 0.61 percent on Thursday.
On the other hand, the Dubai index set new highs on Tuesday (November 2, 2021), reaching levels not seen since June 2018, after the emirate revealed intentions to build a $545 million market maker fund. The index, however, finished the week losing 0.05 percent on Thursday, November 4, 2021.
TASI ends the week 0.57 percent higher
The TASI began the week with a 0.5 percent decline on Sunday (October 31, 2021), weighed down by a 1.7 percent decline in the Saudi Basic Industries Corporation (SABIC) shares, extending its losses for the third session.
On the other hand, Saudi oil producer Aramco ended Sunday with a 0.4 percent gain following a sharp boost in quarterly profits, aided by the rise in crude oil prices.
Aramco’s net income grew to $30.4 billion from $11.8 billion a year earlier in the third quarter ended September 30. The oil giant’s market capitalization has increased by more than eight percent this year to just over $2 trillion, a target set by Saudi Crown Prince Mohammed bin Salman ahead of the company’s initial public offering.
The Saudi index recovered on Monday (November 1, 2021), closing 0.2 percent higher, supported by a 2.4 percent gain in shares of Ma’aden Company. But shares of oil giant Saudi Aramco fell 0.2 percent, giving up the previous session’s gains. The Saudi index continued its rise on Tuesday (November 2, 2021), as it closed up by 0.3 percent, with the share of Al-Rajhi Bank rising by 1.7 percent and the allocation of Dr. Sulaiman Al Habib Medical Services by 1.4 percent.
As of Wednesday (November 3, 2021), the main stock index was down 0.6 percent, dragged down by a 0.8 percent decline in Aramco’s stock. On Thursday (November 4, 2021), the Saudi index ended the week up 0.57 percent, gaining 66.57 points to close at 11752.23 points. And 16 sectors of the Saudi stock market rose, led by telecommunications, which gained 1.31 percent.
Abu Dhabi telecom sector in lead
On Sunday (October 31, 2021), the Abu Dhabi index fell 0.1 percent at the start of the week, weighed down by a 1.7 percent decline in Alpha Abu Dhabi Holding shares and a 0.1 percent decline in First Abu Dhabi Bank, the UAE’s largest bank.
On Monday (November 1, 2021), the index continued its rise and closed up 0.8 percent, with the first Abu Dhabi Bank climbing 2.2 percent and the Emirates Telecom Group gaining 1 percent.
The Abu Dhabi index also increased 0.7 percent to a record level on Tuesday (November 2, 2021), led by a 1.4 percent jump in First Abu Dhabi Bank’s shares. While on Wednesday (November 3, 2021), the index dropped 0.1 percent, a day after setting a new record, with International Holdings’ share falling 0.2 percent.
On Thursday (November 4, 2021), the rising stock exchanges outperformed the Abu Dhabi Stock Exchange’s general index by 0.61 percent, gaining 48.50 points to close at 8014,895 points. Seven sectors on the Abu Dhabi Stock Exchange gained, led by telecommunications, which rose 1.16 percent, and the services sector grew 1.11 percent.
Dubai index achieves new heights
The Dubai index increased by 0.1 percent on Sunday (October 31, 2021), aided by gains of 0.8 percent and 10.4 percent for Emaar Properties and Damac Properties, respectively, and continued to rise by 0.6 percent on Monday (November 1, 2021).
On Tuesday (November 2, 2021), the Dubai stock market surged to its highest level since June 2018, following the emirate’s announcement of plans to launch a $545 million market maker fund.
The Dubai stock market closed 3.8 percent higher on Wednesday (November 3, 2021), with most stocks rising, including Emaar Properties, which increased 7.8 percent to its highest level since October 2019. The Dubai Financial Exchange index fell 0.05 percent on Thursday, losing 1.69 points to close at 3,107.67 points. Three sectors on the Dubai Stock Exchange witnessed an increase, led by telecommunications, which expanded 1.57 percent, and real estate, which rose 0.91 percent. And the Dubai Stock Exchange saw a surge of 20 stocks, led by the Dubai Financial Market, which climbed 14.38 percent.