January 27, 2023

Dubai Week

Complete Dubai News World

CNBC Arabia's most important Arabic and international market news |  Latest news

CNBC Arabia’s most important Arabic and international market news | Latest news

Gulf markets compound gains… and Egyptian indices close higher

The Saudi market ended its trade higher by more than 12,500 points, supported by the banking sector, with liquidity of more than 8 billion riyals.

The Dubai market index returned to its weekly gains, ending its highest trade since last May.

Egyptian indices ended their trade on the upswing as the EGX30 index closed its session below 10 thousand points.

While the main Kuwaiti index ended above 5800 points, the Kuwait General Index closed below 7700 points.

The Qatar Stock Exchange index closed its session above 13700 levels with a gain of 1% supported by the banking sector.

The S&P 500 index posted a weekly gain of 3.3%.

US stock markets ended higher on Friday, August 12, posting their fourth consecutive weekly gain.

The Dow Jones index rose 1.27%, or 424 points, to 33,761 points, while it posted a 2.9% weekly gain, and the S&P 500 rose 1.73% to 4280 points, marking a weekly increase of 3.3%.

The NASDAQ rose 2.09% to 13047 points, registering a weekly gain of 3.08%.

European shares posted a weekly gain of 1.1%

At the end of Friday’s trading session, European stocks rose on August 12, posting weekly gains, amid economic data and central bank action on monetary policy.

Gains in European stocks were supported by a 3.9% rise in the travel and leisure sector, while retail shares fell 0.4% as they posted weekly gains of 1.1%.

Brent crude posted a weekly gain of 3.4%

Brent crude was down 1.5% at $98.15 a barrel, but oil prices eased at the close of trade on Friday, August 12, after posting weekly gains of around 3.4%.

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As for the NYMEX crude futures contract, it was down 2.4% at $92.09, a weekly gain of about 3.7%.

Gold’s weekly gain of 1.3%

Gold prices closed higher on Friday, August 12th, posting a fourth consecutive week of gains.

After the settlement, gold futures rose 0.5%, or about $8.30, to $1815.50 an ounce.

Although the yellow metal recorded weekly gains of around 1.3%, it has also achieved its longest weekly streak of gains since December 31, 2021.