DUBAI: Lower consumer prices and higher production costs helped pull down First Abu Dhabi Bank’s Wealth Sentiment Index in July, which fell 1.3 percent compared with the previous month.
The index, which measures the prevailing business and personal sentiment of top-tier UAE investors as well as the overall mood of the market, dropped to 1,040.66 points this month from 1,054.52 in June.
The decline recorded in the month of July was attributable to a set of factors, including the fall in inflation rates resulting from the drop in prices of property, telecommunications, hospitality and culture while the Purchasing Manager Index went up as a result of the increase in production, the sentiments index report said.
“This indicates an improvement in the economic outlook and confirms business sentiments remain high and companies are positive about the economy,” it added.
The first of its kind in the UAE and the region, the research takes the insights of thought leaders on three key areas: optimism within the UAE market, growth prospects in respective industries and personal investment choices, and is combined with key indicators including GDP, inflation and stock and commodity prices.
First Abu Dhabi Bank Wealth Sentiment Index down 1.3% in July
First Abu Dhabi Bank Wealth Sentiment Index down 1.3% in July
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
