The Dubai Financial Market consolidated its gains at the beginning of the week yesterday, and its market capitalization gained about 3.7 billion dirhams, reaching its highest levels since mid-July 2015. The capital of the Dubai market rose from 697.8 billion dirhams at the end of last Friday’s session, to 701.59 billion dirhams at the end of yesterday’s trading. While the market capitalization of the Abu Dhabi Securities Market reached about 2.87 trillion dirhams.
The shares attracted liquidity of about 1.6 billion dirhams, distributed by 1.1 billion dirhams in the Abu Dhabi market, and 511.9 million dirhams in the Dubai market, and about 336.2 million shares were traded, through the implementation of about 22.7 thousand transactions, with an increase in risk appetite and investors’ attention turning to searching for… New incentives after the end of the business results season.
Emaar Properties shares jumped by 2% to the level of 7.90 dirhams, Emirates NBD shares rose 1.4%, and Commercial Bank of Dubai shares increased 0.2%.
On the other hand, Dubai Islamic shares fell by 0.2%, Dubai Financial Market shares fell by 1.8%, Union Properties shares fell by 0.5%, and GFH shares fell by about 3%. On the other hand, the Abu Dhabi Securities Market index fell 0.13%, closing at 9836.69 points at the end of trading, under pressure from profit-taking operations. The market capitalization of shares listed on the Abu Dhabi market fell to 2.875 trillion dirhams. International Holding Company’s shares decreased by 0.49%, reaching the level of 403 dirhams, with liquidity amounting to 206.8 million dirhams, and the acquisitions share of “ADC Corporation” decreased by 9.99%, reaching the level of 12.08 dirhams. Eshraq Investment shares fell by 1.3%.
While Aldar Properties shares rose by 2.4%, Ras Al Khaimah Properties shares rose by 2.7%, and Abu Dhabi Commercial shares increased by 0.3%.
At the end of yesterday’s session, the Dubai and Abu Dhabi markets attracted liquidity exceeding 1.62 billion dirhams, with a trading volume of 336.236 million shares, through the implementation of 22.79 thousand transactions. The chief market analyst at Century Financial, Aaron Leslie John, confirmed that “what mainly supports the continued rise in the UAE markets is the strong performance of the banking sector, which recorded strong profits in the second quarter of the year, despite the rise in lending rates, which is the matter.” This was achieved by managing risk factors and costs effectively, in addition to improving the quality of assets and recovering funds.”
John pointed out that the real estate sector played a role in the Dubai Financial Market reaching those levels thanks to the historical momentum that the sector has witnessed since the beginning of 2023, and Dubai attracted 25.69 thousand new investors, 74% of whom were foreign investors.
Financial markets expert, Mahmoud Atta, confirmed that “the market capitalization value of the Dubai index is constantly rising, thanks in part to regional economic reforms, such as reducing fees on foreign purchases and allowing foreigners to own 100% of listed UAE companies.”
Atta pointed out that the value of real estate projects related to the sector, led by Emaar Properties, will lead to a potential recovery in profits in the period between 2024-2025, which will support the expansion of the sector in general, despite challenges such as weak growth in the hospitality sector.
He stressed that although the ongoing concerns in international markets may be a reason for caution in the current rise, the local stock market scene appears strong, especially with the Dubai index trading near its highest level in 9 years.
• The market capitalization of Dubai Financial rose to 701.59 billion dirhams at the end of yesterday’s trading.
2023-09-25 19:00:00
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