RIYADH, SAUDI ARABIA – The Saudi stock market index, TASI, ended the week on a high note, rising by 0.9 percent, supported by gains across all sectors, particularly in banks and raw materials.
This positive performance marked a welcome turnaround from the five-day losing streak experienced by TASI.
RETAL Urban Development and Aramco were among the top-performing companies, gaining 1.4 percent and 0.5 percent, respectively.
UAE stocks did not fare as well, ending the week lower than their starting point.
Several factors contributed to this, including a decline in oil prices, worries about multinational banks’ health, and the trading of many stocks without the opportunity to pay dividends.
The primary index of the Abu Dhabi Securities Exchange fell by 0.5 percent, while the Dubai market’s main index dropped by 0.9 percent.
On Monday, TASI dropped by 0.5 percent due to losses in the financial services, raw materials, and energy sectors, as well as a 0.6 percent decline in Al-Rajhi Bank shares and a 1.8 percent drop in National Bank of Saudi Arabia shares.
On Tuesday, TASI made a sharp rebound, increasing by 1.4 percent, led by gains in National Bank of Saudi Arabia and Riyad Bank shares.
Wednesday saw a slight dip in TASI, with a 0.1 percent decline as the materials, health care, and finance industries all experienced losses.
However, Thursday brought another upswing for the index, with gains in nearly all sectors, including those of Al-Rajhi Bank and Aramco, leading to a 0.9 percent weekly increase.
In Abu Dhabi, the primary index of the Abu Dhabi Securities Exchange fell by 0.5 percent, with International Holding Company and Alpha Abu Dhabi stocks among the hardest hit.
On Wednesday, the index recovered somewhat, rising by 0.6 percent due to gains in Alpha Abu Dhabi Holding and ADNOC Gas.
In Dubai, losses in the industrial and financial services sectors led to a 0.5 percent drop in the main index on Monday, while gains in all sectors helped push the index up by 1.1 percent on Tuesday, led by Salik Traffic Tolls and Emaar Properties.
However, Thursday brought declines in the industrial and financial sectors, leading to a 0.9 percent drop in the Dubai index, with Emaar Properties and Emirates NBD Bank among the biggest losers.