The Japanese Nikkei index experienced its fourth consecutive weekly rise, thanks to the weakness of the yen.
However, it did not reach a new high in three decades, despite the gains. The boost in export companies' shares was a result of the yen's weakness. The Nikkei ended trading with a 0.5 percent increase, rising 0.12 percent over the week. So far this month, the index has risen by approximately 9 percent. The broader Topix index also saw a rise of 0.54 percent. Initially, the index reached its post-1990 peak of 33,853.46 points, but then changed direction as investors took profits. Out of the 225 stocks listed on the Nikkei Index, 164 rose while 61 declined. The yen remained stable at 149.25 to the dollar for the third consecutive day. On Tuesday, the yen reached its highest level in over two months, recording 147.155, due to expectations of a more accommodative monetary policy from the US Central Bank, which caused the dollar to decline. The decline of the yen increases the value of Japanese imports.
Among the 30 main companies listed on Topix, Toyota Motor stock experienced significant gains with a 2.73 percent increase, followed by Recruit Holdings stock. On the other hand, Daikin Industries shares declined by 2.4 percent, as did Sony Group shares by 1.27 percent. SoftBank Group's shares, which invest in emerging companies, increased by 0.48 percent, driven by a rise of more than 5 percent in ARM, one of the main companies in which the group invests, known for chip design. In contrast, the main European stock index fell due to declines in mining and technology company shares, as investors assessed economic data. The European Stoxx 600 index fell by 0.1 percent, but still recorded weekly gains as investors focused on corporate profits and the possibility of interest rate cuts. The mining sector experienced the highest losses, falling by 0.6 percent, while technology stocks fell by 0.4 percent.
Regarding political developments, there are indications that the ceasefire between Israel and Hamas is holding to some extent. Despite accusations of truce violations from both sides, there have been no major attacks reported. On the economic front, data confirms a slight contraction of 0.1 percent in the German economy during the third quarter. However, there have been no significant changes in the German DAX index.
In the financial sector, Forvia and Continental shares experienced a significant increase of over 3 percent, leading the STOXX 600 index. This surge came after Barclays raised the rating of these two auto parts manufacturers to "overweight." Additionally, stocks in the UAE recovered from earlier losses and closed slightly higher, supported by stable oil prices. Oil recorded its first weekly gains in five weeks, as there are expectations that the OPEC+ alliance, led by Saudi Arabia, will reduce supplies to achieve market balance in 2024.
In Dubai, the main stock index rose by 0.2 percent, driven by an increase in the shares of Emirates NBD Bank by 0.8 percent and the SALIC toll road company by approximately 1 percent. However, the index experienced a weekly loss of 0.1 percent after four consecutive weeks of gains. Similarly, the Abu Dhabi index also rose by 0.2 percent, with First Abu Dhabi Bank shares increasing by 0.9 percent and Burjeel Holding Company shares jumping by over 7 percent. Despite these gains, the index suffered a weekly loss of 0.2 percent after three consecutive weeks of growth.
In related news, the general index of stock prices listed on the Jordanian Stock Exchange decreased by 0.02 percent, closing the week's trading at 2,393.7 points. The average daily trading volume on the Amman Stock Exchange increased by 45.0 percent, reaching approximately 3.7 million Jordanian dinars compared to the previous week's 2.5 million Jordanian dinars. The total weekly trading volume amounted to about 18.3 million Jordanian dinars, compared to the previous week's 12.6 million dinars.
Last week, the stock exchange witnessed a total of 25.0 million shares being traded, with these transactions being carried out through 12,239 trades.
Among the 30 main companies listed on Topix, Toyota Motor stock experienced significant gains with a 2.73 percent increase, followed by Recruit Holdings stock. On the other hand, Daikin Industries shares declined by 2.4 percent, as did Sony Group shares by 1.27 percent. SoftBank Group's shares, which invest in emerging companies, increased by 0.48 percent, driven by a rise of more than 5 percent in ARM, one of the main companies in which the group invests, known for chip design. In contrast, the main European stock index fell due to declines in mining and technology company shares, as investors assessed economic data. The European Stoxx 600 index fell by 0.1 percent, but still recorded weekly gains as investors focused on corporate profits and the possibility of interest rate cuts. The mining sector experienced the highest losses, falling by 0.6 percent, while technology stocks fell by 0.4 percent.
Regarding political developments, there are indications that the ceasefire between Israel and Hamas is holding to some extent. Despite accusations of truce violations from both sides, there have been no major attacks reported. On the economic front, data confirms a slight contraction of 0.1 percent in the German economy during the third quarter. However, there have been no significant changes in the German DAX index.
In the financial sector, Forvia and Continental shares experienced a significant increase of over 3 percent, leading the STOXX 600 index. This surge came after Barclays raised the rating of these two auto parts manufacturers to "overweight." Additionally, stocks in the UAE recovered from earlier losses and closed slightly higher, supported by stable oil prices. Oil recorded its first weekly gains in five weeks, as there are expectations that the OPEC+ alliance, led by Saudi Arabia, will reduce supplies to achieve market balance in 2024.
In Dubai, the main stock index rose by 0.2 percent, driven by an increase in the shares of Emirates NBD Bank by 0.8 percent and the SALIC toll road company by approximately 1 percent. However, the index experienced a weekly loss of 0.1 percent after four consecutive weeks of gains. Similarly, the Abu Dhabi index also rose by 0.2 percent, with First Abu Dhabi Bank shares increasing by 0.9 percent and Burjeel Holding Company shares jumping by over 7 percent. Despite these gains, the index suffered a weekly loss of 0.2 percent after three consecutive weeks of growth.
In related news, the general index of stock prices listed on the Jordanian Stock Exchange decreased by 0.02 percent, closing the week's trading at 2,393.7 points. The average daily trading volume on the Amman Stock Exchange increased by 45.0 percent, reaching approximately 3.7 million Jordanian dinars compared to the previous week's 2.5 million Jordanian dinars. The total weekly trading volume amounted to about 18.3 million Jordanian dinars, compared to the previous week's 12.6 million dinars.
Last week, the stock exchange witnessed a total of 25.0 million shares being traded, with these transactions being carried out through 12,239 trades.
