At the close of the week’s trading, most Gulf stock exchanges recorded a decline, amid weak trading volume and the absence of foreign investors due to the Christmas holiday.
As for the oil markets, Brent crude prices fell by 0.2% on Wednesday, bringing their losses since the beginning of the year to 16%, which indicates that they are heading towards recording their biggest annual decline since 2020, as investors assess US economic growth and the potential risks of supply disruptions from Venezuela and Russia.
The Saudi market:
The “TASI” index recorded a decrease of 0.1% in Thursday’s session, its second daily loss in a row, with liquidity falling to 1.66 billion riyals, its lowest level in 6 years. This pressure is mainly due to the banking sector, as Al Ahli Bank shares fell by 0.9%, and “Aramco” shares also fell by 0.25% to close near their lowest levels in about 3 months. In addition, Al Moammar Information Systems shares fell by 1.6% after jumping the maximum limit in the previous session to its highest levels in a full year, following the announcement of the awarding of a project with “Hyumine” with a value exceeding 155% of the company’s total revenues for 2024. Over the week, the Saudi index fell by 0.7% despite the support of the rise in Al Rajhi Bank shares by 1.25%.
Qatar Stock Exchange:
The Qatar Stock Exchange index fell by 0.3% in Thursday’s session, ending a series of gains that lasted for four sessions, as a result of the decline in the shares of Qatar Islamic Bank and Qatar National Bank by 0.6% and 0.7%, respectively. Trading values also decreased to 156 million riyals compared to 216 million riyals in the previous session. Over the week, the Qatari index rose by 1.4% after falling by more than 2% in the previous week.
Kuwait Stock Exchange:
The Kuwait Main index rose by 0.2% on Thursday, supported by the rise of National Bank of Kuwait shares by 0.5%. Aayan Leasing and Investment shares rose by 3% after rising by 7% in the previous session, despite the company’s announcement that there were no material developments that would affect the share price. Over the week, the Main index rose by 0.6% and the Premier Market index rose by 0.7%.
UAE markets:
The “FTSE Abu Dhabi” index recorded a decline of 0.1% in Thursday’s session for the second session in a row, amid weak liquidity of 242 million dirhams, with the decline in First Abu Dhabi Bank shares by 0.2%. In the Dubai market, the general index fell by 0.4% amid weak liquidity of 224 million dirhams, giving up its highest levels in 4 months, affected by the decline in Emaar Properties shares by 1.4%. (CNBC)
