The Dubai Financial Market index rose 2.11% last week, while the Abu Dhabi Securities Exchange index gained 2.6%. The two indices supported the banking and telecoms sectors, and institutional purchases also supported the two markets.
Two financial analysts told Emirates Al-Youm that the two markets maintained their performance during the past week. Liquidity and price levels were stable. Trading in the Abu Dhabi market is good, noting that the incentives determine the direction of the market during the coming period. .
Dubai Market
Dubai Financial Market (DFM) gained 2.11% last week, closing at 2628.74 points.
Most sectors were led by Telecommunication that gained 4.74%. Banks rose 1.38%, Investment & Financial Services rose 2.25% and Real Estate gained 0.24%.
Foreigners were net buyers, buying at AED 137 million, while Arabs were net sellers, selling at AED 21.481 million.
Institutional investors netted AED 547.135 million, while net sellers sold AED 560 million, while other traders netted AED 12.9 million.
Abu Dhabi Market
The Abu Dhabi Securities Market (ADX) rose 2.6% during the week, closing at a high of 5127.45 points.
The banking sector gained 5.2%, the investment and financial services sector rose by 1.4%, the telecommunications sector by 1.56% and the insurance sector by 0.166%.
The Arabs (excluding GCC nationals) and the citizens achieved net sales of AED 8.73 million and AED 249.9 million, respectively.
Institutions in the Abu Dhabi market were net buyers at AED 118 million, while individuals were selling at the same value.
Real estate and banks
Al-Ansari Financial Services Director, Iyad Al-Barriqi, said that the two markets witnessed stability with a good rise during last week's trading from previous periods, and the price levels and the liquidity level remained at the same rates.
Al Barriy said most of the week's trading was focused on real estate stocks and leading banks such as Dubai Islamic Bank, which saw selling pressure after the end of the right to maturity. Emaar also fell after announcing a cash dividend of 15% of the nominal value of the share On earnings for 2018, as investors expected the company to see more distributions.
Al-Bariryi said that the two markets witnessed declines in some sessions, but they were not accompanied by high liquidity and speculations on shares of certain companies.
good performance
"The Dubai Financial Market has performed well in some of the week's sessions, but yesterday's session saw a decline as Emaar Properties announced less cash than investors' expectations," said Essam Kassabia, chief financial analyst at Mena Corp Financial Services. In the market, which led to a slowdown in trading. DIB also saw a decline. Aramex also saw a price correction after its rise after the Australian Post Authority sold its stake.
"The Abu Dhabi market is very good, especially as the market continues to move, led by the First Abu Dhabi Bank. The two markets are expected to perform well during the coming week.