2023-08-23 22:05:59
At the end of trading, yesterday, the local stock markets attracted liquidity of regarding 1.7 billion dirhams, at a time when the market capital of the Dubai Financial Market gained more than 4.3 billion dirhams, with it exceeding its highest level in eight years, supported by the gains of the leading stocks in the “real estate” sectors. and “banks”.
Liquidity distribution
The liquidity was distributed by 1.1 billion dirhams in the Abu Dhabi Securities Market, and 602.31 million dirhams in the Dubai Financial Market, following trading on 489.76 million shares through the implementation of more than 28.03 thousand transactions.
The Dubai Financial Market General Index rose by 0.76%, or the equivalent of 30.97 points, to close at 4099.49 points, touching its highest level since August 2015, while the Abu Dhabi General Market Index (Fadji) reached the level of 9729.1 points.
And the performance of the Dubai Financial Market was enhanced, with the share of “Emaar Properties” rising by 3.84%, and “Emirates NBD” by 1.17%, and the share of “Air Arabia” rose by 2.09%, and the share of “Emaar Development” by 3.2%.
The share of «Emaar Properties» topped the activity, attracting more than 185.39 million dirhams of liquidity.
On the Abu Dhabi Securities Market, the share of “Al-Dar Properties” rose by 3.8%, topping the list of gains, and the share of “Abu Dhabi Aviation” rose 2.5%, and “ADNOC Drilling” rose 2.4%.
support factors
And Aaron Leslie John, chief market analyst at Century Financial, confirmed that “the Dubai Financial Market index approached, in early trading yesterday, its highest level in eight years, with its recent penetration of 4100 points, in light of the real estate boom in the emirate, and the increase in Optimism and economic growth in the country ».
He added, “The previous rises in the market index were mainly supported by the banking and real estate sectors, and with the contribution of the utilities and industries sectors.”
He pointed out that «the current rise in the market came with the support of major stocks, such as Emirates NBD Bank and Emaar Properties, in addition to the companies that were listed last year: Dubai Electricity and Water Authority, Salik, and Education Holding».
He explained that «one of the main factors for this rise is the achievement of the majority of the listed companies that make up the Dubai Financial Market index good half profits», pointing out that the profits of «Emaar Properties» received strong support, through the rise in accumulated orders and the strong recovery in recurring revenues and sales of the group’s current real estate. .
He pointed to the positive gains achieved by the industrial sector, the second highest sector in terms of weight, with a total weight of 26%, and some prominent stocks in this sector include: Air Arabia, Gulf Navigation and Dubai Investments.
Powerful propositions
For his part, the financial analyst and CEO of The Counter, Fadi Al-Ghatis, said that one of the main factors that enabled the Dubai Financial Market to achieve a record rise and complete its historical gains since the beginning of the year is the high levels of confidence in trading systems, and the current development in them, in light of Increasing strong initial public offerings amid the increasing strength of the local economy, and its expected growth in the next five years, despite the global economic challenges.
He stressed that the current economic legislation, especially those that focus on local capital markets, will contribute to increasing institutional investment, especially foreign ones, with an increase in the relative weights of local stocks on emerging market indices.
Generous distributions
In the same context, the stock investment expert, Mahmoud Atta, indicated that one of the most important reasons that boosted the gains of the Dubai Financial Market is that the listed companies recorded good and balanced profits, compared to stock markets in the region, especially the banking sector, which is characterized by generous distributions.
He pointed out that the listed companies’ efforts to implement the decision to raise the percentage of foreign ownership to 100% is one of the most important attractive factors that will enhance the position of the Dubai Financial Market among the global markets.
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