2023-09-22 14:06:30
The Dubai Financial Market index rose strongly this week, despite quiet trading in the last sessions of the week, Friday, with investors tending to sell to reap profits from the previous session, while the index in Abu Dhabi ended Friday’s trading with a slight increase.
Stock movements
The Dubai Financial Market Index recorded its highest weekly gains in more than two months, rising 3.1 percent in a week, according to data from the London Stock Exchange Group.
In Friday’s trading, the main index in Dubai fell by 0.3 percent following recording the highest level in eight years yesterday, Thursday, affected by the decline in the shares of Emaar Properties and Mashreq Islamic Bank by 2.9 percent and 6.1 percent, respectively.
George Pavel, General Manager at Capex.com Middle East, said that the stock market in Dubai witnessed a strong performance this week thanks to positive sentiment and strong gains in the banking and real estate sectors.
At the same time, the index in Abu Dhabi rose by 0.04 percent, with Abu Dhabi National Energy Company shares rising by 2.8 percent.
Among the gains, Mubadala-backed Yahsat Satellite Communications jumped 1.9 percent following the company obtained a $5.1 billion contract to provide satellite communications services and a mandate for managed services from the UAE government.
Crude oil prices, a major component of economies in the Gulf region, rose 1 percent today, stopping a three-session series of losses, with supply concerns exacerbated by the ban imposed by Russia on the export of gasoline and diesel to confront the scarcity of domestic supply.
Brent crude rose 1 percent, or $0.91, to $94.23 a barrel by 11:20 GMT.
The Abu Dhabi Securities Market achieved the highest increase in market value among Arab stock exchanges during the past week, with an increase of regarding 1.51 percent, or a value of 11.6 billion dollars (42.6 billion dirhams), according to a report by the Arab Monetary Fund.
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