2023-07-02 08:46:00
Abu Dhabi market index decreased by 7.93%
Dubai – Al Arabiya.net
Posted on: July 02, 2023: 12:46 PM GST Last updated: July 02, 2023: 02:54 PM GST
Gulf stock markets recorded divergence in the first half of 2023, in light of the drop in oil prices.
The Saudi stock market index increased by 9.36% in the first half of this year, while the Dubai market index rose by 13.67%.
The Abu Dhabi index recorded a decline of 7.93%, and the first market index on the Kuwaiti Stock Exchange declined by 3.6% in the first half of the year.
The Bahrain Stock Exchange index rose by 3.3% during the period, while the Qatar and Muscat indices fell by 5.68% and 1.4%, respectively.
For his part, Thamer Al-Saeed, head of asset management at Rasanah Finance, said that the banking sector shares in the Saudi market managed to carry the market in the last period, at a time when petrochemical shares declined.
Al-Saeed added, in an interview with Al-Arabiya, that the Saudi stock market is regarding to start the promotion cycle for the stocks of the basic materials sector, due to expectations of an increase in demand for products.
Al-Saeed indicated that there is an internal demand for other materials in the basic materials sector system, expecting a growth in the profits of companies that did not participate in the first half of this year, to stimulate the performance of the Saudi market in the second half.
As for US stocks, the Dow Jones Industrial Average increased by 3.8% in the first half, while the S&P increased by 15.91%, and the Nasdaq rose by 31.73%.
Brent crude prices fell by 12.2% in the first half of the year, while US Nymex crude fell by 11.99%.
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