Local stock markets returned to gains at the end of the session yesterday, Monday, with their market capitalization gaining more than 7 billion dirhams, amid a focus on blue-chip stocks.
The market capitalization of the listed shares rose from 3.473 trillion dirhams at the end of last Friday’s session, to 3.480 trillion dirhams at the end of yesterday’s session.
In yesterday’s session, local stocks attracted liquidity of more than 1.29 billion dirhams.
By the end of yesterday’s session, the Abu Dhabi market index rose by 0.23% to a level of 9063.31 points, while the Dubai market index rose by 0.3% to a level of 4160.66 points.
Financial analysts reported that there are key factors that determine the performance characteristics of local stock markets in the remaining sessions of April and May transactions this year, the most obvious of which is the approval of general aggregates of money shares which. the largest in terms of value in the Arab world, as well as the relevant dates for the distribution of annual dividends for some companies. speed of growth in the national economy.
A member of the National Advisory Council at the Chartered Institute for Securities and Investments, Wadah Al-Taha, said: “The most prominent factors are the movement of the American stock markets, with the continuous publication of corporate results, led by the seven major groups. This is the most prominent factor that will continue to influence investors’ attitudes and behavior towards listed stocks in the coming period, especially in May next year. He pointed out that among the important factors that will determine the performance of local stocks are interest rates and pending trends to lower them in the next month, as well as oil prices.
SALT Financial Consulting Executive Director Tariq Qaqish said: “There are a number of factors affecting local financial markets at the moment, including fluctuations in oil prices, as well as inflation rates, and geopolitical stability.”
He expected the local financial markets to move towards a mixed performance, mostly positive, in the coming months due to factors and policies related to energy and changes in global crude prices. .
He continued: “(The market) is waiting for many events in the second quarter of 2024, which will affect its performance, in particular the continued entitlement to shares for some listed companies.”
He said that the biggest event that the market is waiting for is the results of the first quarter of 2024, and if they are better than the fourth quarter of 2023, they will fundamentally change the performance of the market.
In the same context, the chief market analyst at Century Financial, Aaron Leslie John, confirmed that the month of May will see the beginning of investors receiving cash distributions, and could be about 25% or 30 % flow to market.
2024-04-29 23:57:26
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