And Saudi stocks incurred losses for the third week in the longest series of declines during the current year, to close at 11,014 points, losing 169 points by about 1.5 percent, which is the largest weekly loss since mid-March.
The closing came at the support levels of 11,000 points, as the market’s consolidation then enhances the chances of returning to the rise, especially from the improvement in sentiment due to the suspension of the debt ceiling in the United States, which spares the market the risk of defaulting on payment.
Among the factors that may push the Saudi stock market upward is the recovery in oil prices in light of the current favorable conditions for an increase in crude.
The gains were limited to 5 sectors, led by the pharmaceutical sector, with an increase of 6.46 percent, followed by the luxury goods retail sector, with an increase of 3.17 percent.
The red color dominated the performance of the sectors, led by the public utilities sector, which fell 3.2 percent, the basic materials sector declined 2.12 percent, the banking sector recorded a decline of 2.01 percent, and the losses of the communications and energy sectors amounted to 1.06 percent and 0.8 percent, respectively.
UAE markets
The Dubai Financial Market index rose by 1.75 percent at the end of the previous week’s trading, reaching the level of 3,603 points, compared to about 3,541 points, at the end of last week’s session.
The market value of Dubai shares recorded 624.742 billion dirhams by the end of this week, compared to about 614.541 billion dirhams the previous week, with market gains amounting to 10.201 billion dirhams.
While the Abu Dhabi Securities Market declined by 0.5 percent during this week, reaching the level of 9406 points, compared to about 9453 points last week.
Multipleplay Group shares decreased 1.23 percent, Alfazbi Holding 4.26 percent, ADNOC Gas 1.28 percent, marine dredging 0.83 percent, Food Holding 1.81 percent, Dana Gas 1.49 percent.
The market value of Abu Dhabi shares recorded a value of 2.599 trillion dirhams at the end of last week, compared to a value of 2.610 trillion dirhams at the end of last week, recording losses of about 11 billion dirhams.
Kuwait
The main indices on the Kuwait Stock Exchange rose during the past week, after 4 consecutive weeks of decline in the indices, supported by the rise in 9 sectors, and growth in liquidity, despite the decline in the market value of shares by 7.54 percent, estimated at 3.267 billion dinars.
The main market index rose with the largest weekly growth rate among the main indices by about 0.72 percent, to close transactions at 5443.77 points, gaining 38.97 points from its level a week ago.
In the second place comes the Main Market Index 50, with a weekly growth of 0.52 percent, or 27.55 points, to end the week’s trading at a level of 5376.67 points.
They were followed by the general market index, which closed at 6787.14 points, with an estimated weekly increase of 22.21 points and a growth of 0.33 percent from its level in the week ending May 25, 2023.
Qatar
The Qatari index fell 2.36 percent to 10,208.9 points, after Industries Qatar fell by more than 6 percent.
Sultanate of Oman
The Muscat Securities Market index fell 0.26 percent, with Barka Water and Energy falling 23 percent and Omani Finance Services falling 9.16 percent.
the two seas
The Bahrain Stock Exchange index decreased by 0.22 percent, reaching 1957.96 points, with Aluminum Bahrain “Alba” falling by 1.35 percent.
Egypt
In Egypt, the 30-year-old index recorded the second weekly rise in a row, up 2.9 percent, and the 70-year-old index achieved the highest weekly gain in more than two months, after rising 6 percent, with Arab investors increasingly seizing opportunities in companies whose levels have dropped significantly in the past period.
#red #color #dominates #weekly #performance #Gulf #markets…and #Egyptian #Stock #Exchange #rising