Dubai and Saudi stocks are unique in the Gulf with quarterly gains

Gulf stocks were subjected to varying pressures during the period from the beginning of the year until the end of the first quarter, while the indices recorded varying performance between ups and downs. Among the pressures is the global uncertainty, which coincided with the decline in oil prices for the third quarter in a row, which is the first time that this has happened since 2015. Brent fell 2.66% in the first quarter of 2023.

In the UAE, the Abu Dhabi market declined 7.6% in the first quarter to close at 9430 points, while the Dubai market index rose 2.1% at the level of 3406.72 points, and stock liquidity recorded 121.7 billion dirhams in 3 months, of which 102.68 billion dirhams were in the Abu Dhabi market, and 19 billion dirhams in the Abu Dhabi market. Dubai.

Saudi stocks

Saudi stocks recorded a positive quarterly performance, supported by strong monthly gains during March 2023. After successive quarters of decline, the general market index (TASI) rose in the first quarter by 1.1%, to end the last session of the season at 10,590 points. The market value of shares listed on Tadawul amounted to 9.984 trillion riyals. In terms of liquidity, trading in the first quarter amounted to 269.71 billion riyals. The Saudi stock index increased by 4.8% in March, and this is the highest monthly gain for the index since July 2022.

Gulf stocks

In Doha, the general index of the Qatar Stock Exchange closed for the month of March, down 3.4%, which is the second monthly decline in a row, which led to the index incurring a second quarterly loss in a row. The general stock index fell 4.3% in the first quarter.

On the Kuwait Stock Exchange, the first index recorded the lowest quarterly closing since the end of 2021, down by 3.6%, while the March losses for the index amounted to 3.1%, which is the fourth consecutive monthly decline. Likewise, the Manama Stock Exchange index in Bahrain settled at 1,886.61 points at the end of the first quarter, with a slight decline of 0.10%. In the Sultanate of Oman, the Muscat Market index also settled without significant change at 4,863.09 points, down by 0.18%.

Egypt Stock Exchange

Outside the Gulf countries, Egyptian indices closed the month down 3.4% at 10,418 points, and this is the largest monthly loss since June 2022, but the 30-year-old index recorded strong quarterly gains of 12% in the first quarter, and this is the third quarterly gain in a row.