Skip to content Skip to Search
Skip navigation

Abu Dhabi stock market ends nine-day losing streak

Creative Commons
In Abu Dhabi, the index gained 0.9 percent, led by a 4.2 percent jump in telecoms firm e&

Abu Dhabi’s stock market rebounded on Tuesday, ending a nine-day losing streak, while the Saudi index extended losses for a second session as the uncertainty remained among investors ahead of the U.S. Federal Reserve’s policy meeting on Wednesday.

In Abu Dhabi, the index gained 0.9 percent, led by a 4.2 percent jump in telecoms firm e&. The market found some support from the oil markets where prices continue to climb overall, said Daniel Takieddine, CEO MENA at BDSwiss.

“At the same time, natural gas prices remained volatile with no clear direction.”

Oil prices, a key catalyst for the Gulf’s financial markets, were up, with Brent crude rising to $122.42 per barrel amid tight global supply.

In Qatar, the index edged up 0.1 percent, helped by a 2.2 percent rise in the Gulf’s biggest lender, Qatar National Bank

Dubai’s benchmark index added 0.3 percent, with top lender Emirates NBD gaining 1.5 percent.

The United Arab Emirates’ federal government aims to increase spending by 1.23 billion dirhams ($335 million) in the 2022 budget, the Federal National Council said on Twitter on


Saudi Arabia’s benchmark index lost 0.3 percent with Al Rajhi Bank falling 1.2 percent and oil giant Saudi Aramco down 0.9 percent.

US President Joe Biden will discuss energy production as part of his trip this month to the Middle East, including to Saudi Arabia, White House’s National Security Council spokesman John Kirby said on Tuesday.

Outside the Gulf, Egypt’s blue-chip index eased 0.3 percent, with Talaat Mostafa Group Holding declining 3.3 percent.

Higher oil and wheat prices will cost the Egyptian budget over $10 billion, Finance Minister Mohamed Maiit told CNBC Arabia on Sunday.

Egypt has been suffering from a shortage of foreign currency since the coronavirus pandemic chased away many tourists, international portfolio investors withdrew funds and the Ukrainian crisis pushed up imported commodity prices.

SAUDI ARABIA fell 0.3 percent to 12,021

ABU DHABI up 0.9 percent to 9,547

DUBAI rose 0.3 percent to 3,298

QATAR gained 0.1 percent to 12,731

EGYPT lost 0.3 percent to 9,981

BAHRAIN dropped 0.5 percent to 1,843

OMAN was flat at 4,121

KUWAIT down 0.5 percent to 8,184