Saudi stocks shine, while UAE’s post losses

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A Saudi man monitors stock prices at Tadawul Saudi bourse in Riyadh. (AFP)
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  • The banking and commodities retail sectors, Saudi equities finished the week's trading higher, increasing the general index by 2.11 percent and adding 235 points
  • The UAE equities on DFM declined by two percent, and the Abu Dhabi index dropped by 0.7 percent

Dubai, UAE— Lifted up by the banking and commodities retail sectors, Saudi equities finished the week’s trading higher, increasing the general index by 2.11 percent, and adding 235 points on the Saudi Stock Exchange.

In contrast, the financial markets in the UAE had mixed results, with the Dubai Financial Market ending the week at 3,339 points (a decline of 70 points, or 2 percent), from its finish the previous Friday. In addition, the Abu Dhabi index closed trading by dropping 0.7 percent, which equates to a loss of 294 points.

On Sunday, September 25, 2022, the Saudi Stock Exchange index dropped 2.6 percent to close at 11161.4 points, following the trend of loss across global markets and the fall in oil prices. Shares of both Al-Rajhi Bank and Aramco plummeted by 3.3 percent, while Aramco fell by 2.6 percent.

TASI dropped 2.2 percent, or 252.20 points, to end the day at 10909.18 on Monday, September 26, 2022, while 14 sectors on the Saudi Stock Exchange, led by banking, plummeted by 3.31 percent.

However, following three sessions of decrease during which the index fell by more than 5 percent, it rose on Tuesday, September 27, 2022, by 0.9 percent to reach 1,1017.4 points, coinciding with the return of rising oil prices. It gained 152.70 points on Wednesday, September 28, 2022, and settled at 11170.08 by market close.

On Thursday, September 28, 2022, the index finished at 11,405.32 after gaining 235.24 points, or 2.11 percent. And 18 of the Saudi Stock Exchange’s sectors gained ground, with banking leading the way.

On September 26, 2022, the general index of the Abu Dhabi Stock Exchange dropped 2.3 percent, or 238.37 points, to end the trading day at 9766.24 points. Additionally, eight sectors on the Abu Dhabi Stock Exchange saw decreases of 4.3 percent, with the telecommunications sector seeing the most significant drop of any industry at 4.3 percent.

On Tuesday, September 27, 2022, the Abu Dhabi Stock Exchange Index dropped 0.7 percent, or 69.77 points, to end at 9696.47 points, and eight of the exchange’s sectors also declined, with real estate down by 2.1 percent.

In contrast, trading on the Abu Dhabi Stock Exchange ended on a higher note on Wednesday, September 28, 2022, as the index closed at 9,739, up 0.4 percent, with a total value of US$ 353 million exchanging hands. Of the 53 companies whose shares were traded, the value of 26 fell, 22 rose, and five stayed the same.

The index finished the day up 0.4 percent, or 42.34 points, at 9782.25 on Thursday, September 29, 2022, with gains in 5 sectors on the Abu Dhabi Stock Exchange (with healthcare leading the way, up 2.05 percent).

The total amount of trades on the Abu Dhabi Securities Exchange on Friday, September 30, 2022, exceeded US$ 327 million, closing the session with the index down 0.7 percent at 9,711 points.

At the close of trade on Monday, September 26, 2022, the general index of the Dubai Financial Market had declined by 1.7 percent, losing 59.94 points, to conclude at 3,349.01 points, while eight sectors on the Dubai Stock Exchange had decreased, with commodities leading the way with a 3.98 percent drop.

However, on Tuesday, September 27, 2022, the index increased by 0.7 percent, adding 24.03 points to close at 3373.04 points, while five sectors on the Dubai Stock Exchange, led by banking, increased by 1.9 percent.

This Wednesday, September 28, 2022, the Dubai Stock Exchange closed at 3,343 points, down 0.9 percent, with a trading value of US$ 71 million. Of the 32 businesses trading on the exchange, 21 saw their share prices decline, six saw theirs increase, and five saw theirs remain stable.

While the main index of the Dubai Financial Market fell by 0.7 percent, or 26.69 points, to end the day at 3,316.58 on Thursday, September 29, 2022. The real estate industry led a decline of 2.97 percent across five other sectors on the Dubai Stock Exchange.

And that for the week ending September 30, 2022, the index rose by 0.3 percent; that of the 31 companies whose shares are traded today in the Dubai Financial Market, the claims of 15 fell, 14 advanced, and the remaining two were stable.

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