Qatar market leads the gainers with minor declines in Oman and AbuDhabi
Provider: Alrajhi capital Daily Market Reports
Thursday, December 21, 2023 Close.
During the last week of trading, the weekly results trended towards green as five indicators rose and only two indicators fell. The Qatari market index leads the gainers, continuing the strong upswing and gaining a large percentage of 3.6%, closing at the level of 10,285 points, once again surpassing the 10,000 point level and reducing its losses for the current year, eliminated shortly before the end, to a percentage of only 4.5%. The recovery in energy prices, growth in gold prices and the US market sessions have provided support for the Qatari market index and the profitable Gulf markets over the past week and ahead of the release of full-year earnings and distribution announcements.
A short week and good growth on the Kuwaiti Market “Boursa”. Although the week was limited to only two sessions, with the swearing-in of His Highness Sheikh Mishal Al-Ahmad Al-Sabah as the Emir of the country and the end of the mourning period for the death of the late Emir Sheikh Nawaf Al-Ahmad Al-Sabah, indicators increased smoothly along with the smooth transfer of power as the overall index increased by 0.96% for the past two week period.
Saudi and Dubai indices recorded similar gains, moving around half a percentage point, as the (TASI) index, which continued its growth by gaining 0.7% for the fourth consecutive week, marking its gain increased to 10.9% this year. In terms of annual performance, it was in second place among GCC markets with a week to go before the end of the year.
This year's best-performing GCC market index, the Dubai Financial Market (DFM) Index, gained 0.5% to close at 4,023. points on Thursday, December 21, 2023, up 20% for the current year year, as its increases reached 20.6%. The Bahrain Boursa (BHB) index settled for a limited increase of 0.14% last week and closed at the level of 1,918 points. This means that it remained in the green for 2023 with an increase of only 1.2%.
Oman (MSE) and Abu Dhabi (ADX) market indices recorded a minor decline last week, in contrast to the performance of the rest of the Gulf indices. Oman Market Index lost 0.6% to close at the level of 4,562 points on Thursday, December 21, 2023, a loss of 6.1% this year and awaits the announcement of its companies for the new year. On the other hand, AbuDhabi market index settled a very limited loss of 0.04% and closed at the level of 9,490 points on Thursday, December 21, 2023, ranking second as the worst performer among the GCC market indices after the Kuwait Stock Exchange (Boursa) indices. it still loses 7.1% compared to last year's results.
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