And Saudi stocks suffered losses for the third week of the longest series of declines in the current year, to close at 11,014 points, losing 169 points by around 1.5%, the largest weekly loss since mid-March.
The close came at the support levels of 11,000 points, as market consolidation then increased the chances of renewed upside, especially from improved sentiment due to the suspension of the debt ceiling in the United States, which spares the market the risk of default.
Among the factors likely to push the Saudi stock market higher is the recovery in oil prices in light of the current favorable conditions for a rise in crude.
The gains were limited to 5 sectors, led by the pharmaceutical sector, with an increase of 6.46%, followed by the luxury goods distribution sector, with an increase of 3.17%.
The color red dominated the performance of the sectors, led by the utilities sector which fell 3.2%, the basic materials sector fell 2.12%, the banking sector recorded a decline of 2, 01% and losses in the communications and energy sectors amounted to 1.06% and 0.8%, respectively.
UAE Markets
The Dubai Financial Market Index was up 1.75% at the end of trading the previous week, reaching the level of 3,603 points, from around 3,541 points at the end of last week’s session.
The market value of Dubai shares recorded 624.742 billion dirhams at the end of this week, compared to around 614.541 billion dirhams the previous week, with market gains amounting to 10.201 billion dirhams.
While the Abu Dhabi securities market fell by 0.5% during this week, reaching the level of 9406 points, compared to around 9453 points last week.
Shares of Multipleplay Group fell 1.23%, Alfazbi Holding 4.26%, ADNOC Gas 1.28%, Marine Dredging 0.83%, Food Holding 1.81%, Dana Gas 1, 49%.
The market value of Abu Dhabi shares recorded a value of 2.599 billion dirhams at the end of last week, against a value of 2.610 billion dirhams at the end of last week, registering losses of around 11 billion of dirhams.
Kuwait
The main indices of the Kuwait Stock Exchange have risen over the past week, after 4 consecutive weeks of lower indices, supported by the rise of 9 sectors, and growth in liquidity, despite the fall in the market value of shares by 7.54%, estimated at 3.267 billion dinars.
The main market index rose with the highest weekly growth rate among major indices of around 0.72%, to close trades at 5443.77 points, gaining 38.97 points from its level. A week ago.
In second place comes the Main Market Index 50, with a weekly growth of 0.52%, or 27.55 points, to end the trading week 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% compared to its level in the week ending on May 25, 2023.
Qatar
The Qatari index fell 2.36% to 10,208.9 points, after Industries Qatar fell more than 6%.
the Sultanate of Oman
The Muscat Securities Market index fell 0.26%, with Barka Water and Energy falling 23% and Omani Finance Services falling 9.16%.
the two seas
The Bahrain Stock Exchange index fell by 0.22%, reaching 1957.96 points, with Aluminum Bahrain “Alba” falling by 1.35%.
Egypt
In Egypt, the 30-year-old index registered the second consecutive weekly gain, up 2.9%, and the 70-year-old index made the largest weekly gain in more than two months, after rising by 6%, with Arab investors seizing more and more opportunities in companies whose levels have fallen significantly over the past period.
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