Dubai Financial Market Index rose 4.77% yesterday, with Emirates NBD rising to its highest level in 12 years, following the decision to increase foreign ownership in the bank from 5% to 20%.
«Financial Market» has achieved an increase in the market value by 13.9 Billion AED, to reach 375.3 Billion AED, the total market value at the end of yesterday's session, closing at 2889.8 points.
Mohamed Ali Yassin, Chief Executive, Strategies and Clients of Al Dhabi Capital, said that the announcement by Emirates NBD of raising foreign ownership from 5% to 20% and his intention to increase it to 40% is one of the main reasons for the Dubai Financial Market. .
He pointed out that the positive news related to this stock opened «appetite» investors, expecting a good performance of the market, in the coming days.
Abdul Qader Shaath, the branch manager of Al Ansari Financial Services Company, said that the qualitative leap in the DFM during yesterday's session was expected, but with a lower level of gains, especially as a large percentage of liquidity was waiting for positive news to enter the market.
He stressed that the positive news regarding the increase in the percentage of foreigners in the market, contributed to encourage many investors to enter the market.
In the same context, the Director General of Asset Management at «Mina Corp.», Tariq Qaqish, to other factors that supported the market index, including decisions aimed at adjusting the course of the real estate sector, and the formation of a high-level committee, so that these projects have added value to the national economy .