The local stock market indices rose last week, as the Dubai market index increased by 0.43% over 5 sessions to close at 2,912 points at the end of the week’s trading. Last Wednesday, the Dubai Financial Market recorded a big jump in the number of trading deals with the start of implementing the decision to cancel the minimum trading commission, as the number of transactions completed in Dubai in one trading session reached 6,739 deals, an increase of 161%, which is the highest number of daily deals since the beginning of 2021.
The Abu Dhabi market also continued to rise and rose by 0.37% to close at 7,653 points, as the general index continued to record strong levels with the support of the leading sectors.
The shares attracted liquidity of about 8.7 billion dirhams in 5 sessions last week, including 7.7 billion in Abu Dhabi and about 974 million in Dubai, and 2 billion shares were traded, distributed at 1.2 billion in Abu Dhabi and about 800 million shares in Dubai, through the implementation of about 47.5 thousand deals.
Raed Diab, Vice President of Investment Research and Strategies Department at KAMCO Invest, confirmed that local market indices continued to maintain the gains recorded in the past weeks. He pointed out that the UAE continues to take all preventive precautions to control the spread of any new mutant, coinciding with the reopening of economic activities and the advancement of the economy again to what it was before the outbreak of the virus.
He explained that the markets witnessed some momentum in light of the continued movement of global markets, especially the American ones, near their historical highs, with the US Federal Reserve hinting that it is not motivated to reduce stimulus measures, pointing to the decline in the Chinese manufacturing index, as it recorded a weaker than expected performance, which suggests an economic slowdown.
The Dubai market rose by 0.43% to close at 2,912 points at the end of last Thursday’s session, compared to 2,838 points at the end of the previous week’s trading, with an increase of more than 2.6%, as the real estate sector rose by about 2.03%, with “Deyaar” increasing by 1.26% and “Emaar Properties” by 2.17%. And “Emaar Development” 1.7%, and “Emaar Malls” 3%, while “DAMAC” stabilized without any change, and “Union Properties” fell 0.3%. The investment sector also rose by about 0.13%, supported by the rise of “Dubai Financial Market” by 4.6%, while “Dubai Investments” decreased by 1% and “Shuaa Capital” decreased by 0.28%.
The banking sector declined by 0.36%, with “Dubai Islamic” falling 0.97%, and “Emirates NBD” stabilizing without any change. The transportation sector also decreased by 0.16%, with “Air Arabia” dropping 1.4%, while “Gulf Navigation” rose 3.8%, and “Gulf Navigation” rose 3.8%. Aramex» 0.77%, the insurance sector shares decreased 0.14% and services 0.04%, and the telecommunications, industry and commodities sectors remained unchanged.
“Emaar Properties” topped the list with 253 million dirhams, followed by “Dubai Islamic” 153 million dirhams, then “Shuaa Capital” 62 million dirhams, and the “Dubai Financial Market” share achieved the largest increase by 4.6%, followed by “Gulf Navigation” 3.81%, then “Al Salam Bank, Bahrain” 3.36%, while “Al-Firdaws” had the lowest drop by 30%.
Abu Dhabi market
The Abu Dhabi market rose by 0.37% to close at 7,653 points at the close of trading last Thursday, compared to 7,620 points the previous week, supported by the rise of the banking sector by 0.66%, supported by the rise of “First Abu Dhabi” 0.24%, “Abu Dhabi Commercial” 3.5%, and “Abu Dhabi Islamic” 1.26 The energy sector rose 1.25%, with a rise of “TAQA” by 7.8% and “Dana Gas” by 1.9%, while the share of “ADNOC Distribution” decreased by 0.2%.
The investment sector rose 1%, with “Alpha Abu Dhabi” rising by 3.4% and “Waha Capital” by 4.44%, while “Eshraq” fell 1.7% and “International Holding” 0.07%, and real estate rose 2.4%, with “Al Dar” 2.44% and “Ras Al Khaimah” rising by 2.44%. Real estate” 1%, and commodity shares rose 7% and industry 3.1%, while the telecommunications sector fell 1.48%, with “Etisalat” falling 1.5% and “Yahsat” 0.38%.
“International Holding” topped the activity, attracting 1.61 billion dirhams, followed by “First Abu Dhabi” 1.6 billion dirhams, then “Aldar Properties”, attracting 1.57 billion dirhams, and “Zay Stores” achieved the largest increase by 91.5%, followed by “Sharjah Group” by 65%, While “Abu Dhabi Hotels” was the lowest, by 21.8%.
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