Riyadh, (Business News Report)|| Gulf stock exchanges achieved record highs in the first quarter of this year 2022, supported by energy prices that are recording historical levels.
Some Gulf stock exchanges indices recorded record numbers.
The American economic network, CNBC, said that the Qatar Stock Exchange index recorded the highest quarterly performance in 7 years, and the Kuwait index achieved the highest quarterly performance in its history, while the Saudi market index recorded the best quarterly performance in 7 years.
The Dubai market index achieved the eighth consecutive quarterly rise, and the FTSE Abu Dhabi index recorded the highest quarterly closing in its history.
In details, the Qatar Stock Exchange index recorded the highest quarterly performance in 7 years, after rising by about 16%, during the first quarter of 2022.
While the main market index of Saudi Arabia rose by 16% in the same period, recording the highest quarterly rise in 7 years.
The index also rose by about 4% during the month of March, recording the fourth consecutive monthly rise, to close monthly above the levels of 13,000 points for the first time since 2006.
Aramco’s share achieved monthly gains in March of 4%, to close above the levels of 43 riyals for the first time since the listing.
Despite the decline in the Dubai index in the Friday session, it managed to achieve weekly gains of more than 3%, to record its highest weekly closing in more than 4 years.
Emaar’s stock continued to shine after recording weekly gains of more than 7%, to achieve the highest weekly rise in 5 months.
In total, the Dubai market index rose by 10% during the first quarter, achieving the eighth consecutive quarterly rise.
The general index of the Abu Dhabi Stock Exchange rose by 1.6 percent in the last week of March, recording the second consecutive week of gains, and the index managed to achieve a weekly close above 9900 points for the first time in its history.
In total, the FTSE Abu Dhabi index recorded the highest quarterly closing, during the first quarter of 2022, in its history, after increasing by 17% since the beginning of the year.
In Kuwait, its stock exchange achieved the highest quarterly performance in its history during the first quarter of 2022, after increasing by about 19% in the first quarter of this year.
The economies of the Arab Gulf states compensated their losses as a result of the repercussions of the Coronavirus pandemic, after oil prices rose dramatically starting from the middle of the year 2021, reaching their peak in the second month of 2022, reaching $140 a barrel, affected by Russia’s declaration of war on Ukraine, before falling back to the levels of $110.
