Close growth of most indices, decline of Saudi Arabia and Kuwait Weekly report on financial markets of the Gulf
The performance of financial market indices in the GCC countries was positive as a weekly outcome in the past week, which was the last in November last year, five indices gained, while only two indices recorded a decline.
The gainers were led by the index of the Amman Stock Exchange with a slight difference from the index of Qatar, which recorded a growth of 1.28 percent, followed by Qatar by 1.27 percent, while the index of the Dubai market stabilized at half a percentage point, Abu Dhabi gained about a quarter of a percentage point , and the index of the Bahraini market settled in the green color. Only about a tenth of a percentage point did the indexes of the Saudi and Kuwaiti markets fall, because the loss of “TASI”, which is the main index of the Saudi financial market, was in pure percentage slightly more than 1 percent. while the general stock market index of Kuwait lost about a quarter of a percentage point.
Convergent gains of Oman and Qatar indices
At the level of the global and Gulf financial markets, a quiet week passed with no significant changes except during the last sessions of the US Dow Jones, while its most important stimulus in the GCC countries was the revision of equity weights in the emerging MSCI Morgan Stanley index, which is the largest review during the year. which ended on Wednesday, the last day of November.
Oil prices gradually improved until the middle of the week and traded at the level of Brent at 86 dollars per barrel. The index of the Amman stock exchange was the best Gulf index for the second week in a row, gaining 1.28 percent, or 58.51 points, closing to 4613.72 points, raising the result. This year it rose to 11.7 percent, which is the second best increase in the Gulf, after the index in Dubai, which gained 23 percent.
The Amman Financial Market Index recorded its best monthly performance during last November, with a 5.7 percent increase. The improvement and stability of oil prices helped the Omani budget to overcome previous deficits created after the fall in oil prices and faced it with wide-ranging economic reforms.
Qatar’s financial market index recovered after a heavy week of decline, which is the opening week of the FIFA World Cup in Doha and the World Cup, which was organized in a beautiful manner witnessed by the whole world. The Qatar market index recovered and gained 1.27 percent to come is second only to Oman, as it gained 150.32 points to close at 12017.56. Points and again returned to the level of 12 thousand points, and about a month before it came to the end of this year, and only 2.4 percent of this year’s gains remained, which during the first half of the year amounted to about 23 percent, and the Qatar market index fell by about 4 percent in the month of last November.
Limited winnings in Dubai, Abu Dhabi and Bahrain
The neutral financial market of Dubai continued with limited changes, either up or down, and strengthened 0.57 percent or 18.69 points during the past week, closing at the level of 3323.96 points. Abu Dhabi, which is one of the top performers globally among global financial market indices, gained 0.23 percent over the past week, while adding 23.88 points to 10,552.37 points, maintaining a monthly gain of 1.3 percent during November.
Bahrain’s financial market index settled flat with only clear changes in the green zone, with gains of just 0.09 percent, or 1.72 points, to close at 1,864.58 points. In November, it settled in a neutral position and without any price change, and continued with limited growth for 2022, which was 3.8 percent a month ago. Turning the page on a very turbulent year and exceptional economic and political changes.
A new fall in the “TASI” index
The TASI index, which is the main Saudi stock market, continued to fall and over the past week lost 1.06 percent, or 116.1 points, to close at 10,822.65 points, continuing to lose precious points and extending its losses this year, which was the best for oil prices in nearly 10 years, with TASI’s 2022 loss of 3.4 percent, while oil prices rose to significant levels that more than doubled before rebounding, with gains of 10 percent remaining, as at the closing last week.
The month of November was one of the most difficult months for the TASI index as it lost 6.6 percent, despite the improvement of the business environment for companies and the growth of profits of many leading companies.
Kuwaiti indices limited losses
The main indexes of the Kuwait Stock Exchange recorded limited losses, as the general market index lost 0.26 percent, or 20.06 points, to 7,566.53 points during the past week, while the first market index fell by 0.29 percent, or 24 .87 points, year-on-year, with a growth of 11.7 percent, of which 3.3 percent during November. The main index 50 recorded a larger drop of 0.71 percent, or 41.66 points, to close at 5824.54 points, and remained in the red zone, recording a loss for 2022 of 4 percent.
The three main market variables (liquidity, share turnover and number of deals) recorded a clear increase thanks to the session on Wednesday, during which liquidity increased to the highest level of the year, of 99.8 million dinars, to end the week with an increase in total liquidity by almost 20 percent compared to the previous week.
Activity increased by 33.7 percent, and the number of deals stabilized, as it registered a limited growth of 2 percent. The leading stocks’ business varied, as Zain, KFH and Watani fell, while Agility and Watani rose in limited proportions for the Most the share transactions of Alafc stood out, which issued several indicators, the most important of which was the value after the shares of KFH and Watani, and achieved a growth of nearly 20 percent, due to the impact of assets worth HRK 600 million. dinars, the company will change a lot in its financial statements.
