April 1, 2023

Abu Dhabi’s stock market tumbled Thursday on weak earnings from heavyweights, while Saudi shares closed higher on rising oil prices.
The Abu Dhabi Stock Exchange Index fell 1.7 percent, its worst daily reading since September, as shares of First Abu Dhabi Bank, the UAE’s largest bank, fell 8 percent and posted its lowest closing price in more than eight months.
The bank announced a 26% drop in net income for the fourth quarter of 2022, contrary to analysts’ expectations, despite a 7% increase in full-year net income.
The bank also cut its annual cash dividend by 26 percent compared to 2021, to 52 fils per share.
Al-Seer Marine Supplies and Equipment Company’s share fell 1.1% after it announced a decline in annual net income to AED1.01 billion from AED2.52 billion the previous year.
The Saudi Arabian index rose 0.1 percent, boosted by gains in healthcare, financial services and raw materials companies, as shares of Dr Sulaiman Al Habib Medical Services Group rose 2 percent and Saudi Arabian Mining Company shares rose 1.4 percent .
Al-Rajhi Bank, the world’s largest Islamic bank by market value, also rose 1.4%, up from last Thursday.
The main index in Dubai recorded a slight increase.
Most real estate stocks included in the index fell in Dubai as Emaar Properties shares fell 1 percent. While shares in the utilities and financial sectors rose, Emirates Central Cooling Systems Company rose 0.7% and Emirates NBD Bank rose 0.4%.
Emirates NBD, Dubai’s largest lender, announced a 40% rise in net income in 2022 to AED13 billion ($3.5 billion) on Thursday, helped by higher interest rates and transaction volumes that boosted overall revenue.
The Qatari index fell 0.5 percent, breaking a five-day streak of gains, with most companies in the index down.
Shares of Qatar International Islamic Bank and Qatar Islamic Bank fell 3.5 percent and 0.8 percent, respectively.

Leave a Reply

Your email address will not be published.