Major stock markets in the Arab region have continued their recovery, buoyed by rising oil prices amid ongoing geopolitical tensions.
The Dubai index increased by 1%, regaining its position above 5400 points, while the Abu Dhabi Securities Exchange saw a rise of 0.5%. The Saudi “TASI” index grew by 1.3%, the Qatari index rose by 0.51%, the Kuwaiti index gained 0.52%, and the Bahrain index climbed by 0.22%. Conversely, the Muscat index remained relatively stable with a slight decline of 0.04%.
Dubai
The Dubai Financial Market index continued its upward trend in the first session of the week, increasing by 1.1% to reach 5411 points, with total trading valued at 788 million dirhams.
Shares in investment and industrial companies were at the forefront of the Dubai market’s profits, led by “Iktitab” which surged by 14.7%, followed by “National Cement Company” with an 11.1% rise and “Ethmar” with a 6.7% increase. Additionally, “National Industries” grew by 6.6%, “Emirates Takaful” by 6%, and “Mazaya” by 5.6%.
The stock of “Emaar Properties” closed up by 2.8% at 12.75 dirhams, while “Amlak Finance” saw a 3.2% increase, reaching 1.59 dirhams.
On the flip side, the most significant declines were seen in shares of “Agility” down 9%, “Dubai National Insurance” down 8.6%, and “Emirates Investment Bank” down 6.6%, with “Al Ramz” dipping 4.1% and “Dubai Real Estate Investment Trust” down 1.6%.
Abu Dhabi
The Abu Dhabi Securities Exchange climbed by about 0.5%, closing at 9558 points with trading volumes totaling 818 million dirhams.
Shares in the investment sector were the most profitable in the Abu Dhabi market, led by “E7 Group” which surged by 14.2%. “Gulf Investment” increased by 11.9%, “Union Insurance” by 8.3%, and “Apex” by 3.6%, followed by “Gulf Cement” with a rise of 3.5%.
The stock of “Abu Dhabi National Energy” closed up by 2.7% at 3.480 dirhams, and “Multiplay Group” rose by 1.4% to 2.160 dirhams.
Meanwhile, on the Abu Dhabi market, “ESG” saw the largest decline, dropping 5.5%, followed by “Foodco” down 4.4% and “Gulf Medical Projects” down 4.3%, with “Sharjah Cement” and “Pure Health” down 2.9% and 2.4%, respectively.
Liquidity
The total liquidity in the markets exceeded 1.6 billion dirhams across approximately 34,300 trading transactions. The Abu Dhabi Securities Exchange captured 52.5% of this liquidity, totaling around 841 million dirhams through 19,289 transactions, while the Dubai Financial Market accounted for 47.5% of the total liquidity realized, amounting to 787.5 million dirhams across nearly 15,000 trades.
Saudi Arabia
The Saudi market index closed the session up by 1.3%, finishing at 10,710 points (+136 points), with overall trading valued at approximately 4.1 billion riyals.
The stock of Al Rajhi Bank rose by 2% to 91.50 riyals, and “Aqua Power” also closed up by 2% at 242 riyals. “Red Sea” was the top gainer in the market, surging by 10% to 38.60 riyals.
Conversely, Aramco’s stock fell slightly by less than 1% to 24.74 riyals. Cisco Holding’s stock experienced a decrease of 3% before being suspended during the session, settling at 25.30 riyals.
Egypt
Egyptian stock market indices rose, with the “EGX 30” index increasing by 1.17% to close at 31,418 points. The “EGX 30 Weighted” index climbed by 1.49% to finish at 39,171 points, and the “EGX 30 Total Return” index jumped by 1.21% to close at 14,110 points. Trading began for shares of “Valu,” an Egyptian consumer finance services firm, which saw strong gains during the session.
Jordan
The Jordanian stock market gained support from buying activity in most leading stocks, particularly the phosphate mines, amidst a surge in trading volume.
The general stock index closed up by 0.89% to reach 2664.07 points, with the Arab Potash stock increasing by 4.31% and the Arab Bank stock rising by 0.78%. The Oil Refinery stock climbed by 0.83%, while the phosphate mines stock rose by 2.43%.