Local financial markets recorded strong gains during yesterday's trading session, to win the market value of shares of traded companies 11.73 billion dirhams, is the highest since the beginning of 2020, and profits were distributed between 6.41 billion dirhams in the Dubai Financial Market, and 5.32 billion dirhams in the Abu Dhabi Securities Market .
The general index of "Dubai Financial" increased 1.99%, gaining 53.60 points, and closed at 2746.77 points, at a time when the Abu Dhabi Securities Market Index rose 0.98%, gaining 49.07 points, to close at 5056.75 points.
The market gains were supported by real estate shares in both markets, especially with the leading stocks activity, led by Emaar Properties in the Dubai Financial Market, which rose by 3.05%, to close at 4.05 dirhams.
The Dubai Financial Market witnessed trading of 119.53 million shares, valued at 152.41 million dirhams, through 2,647 transactions.
In turn, the Abu Dhabi Stock Exchange witnessed trading of 41.2 million shares, valued at 107.80 million dirhams, through the implementation of 1035 transactions, and the market value rose by 5.32 billion, to reach 520.18 billion dirhams, compared to 514.86 billion dirhams in the session the day before yesterday.
For his part, Talal Touqan, a financial analyst at the Securities Brokerage House, said that the local stocks are making good moves, despite tensions related to the geopolitical situation, especially in the Dubai Financial Market, in conjunction with the rises of the leading stocks in the real estate and banking sectors, and in Foremost among them is Emaar and Emirates NBD, expecting good performance in the medium term for these two sectors.
He added that the incentive decisions approved by the government since the beginning of the year have created an atmosphere of optimism within the local markets, expecting that this good performance will continue at the level of the economy, in conjunction with the close organization of the Expo 2020 Dubai exhibition.
In turn, John Luke, director of development at Thank Marks, said that the local stock markets were mainly supported by the purchase of leading shares, especially Emaar Properties, which exceeded the level of four dirhams, restoring levels before the recent geopolitical tensions crisis.
He stressed that companies still need strong incentives such as annual results and cash dividend plans that will stimulate investor sentiment and push stocks to the upward path that ended in 2019.
Luke expected that the markets would receive strong additional support during the upcoming sessions, with the issuance of recent incentive decisions, including the cabinet’s decision to change the tourist visa system in the country, to become a five-year period, in addition to the approval by the Dubai Council of an economic plan to establish new sectors, and its adoption of a new system For corporate and semi-government corporate governance.
119.53 million shares worth 152.41 million dirhams traded on the Dubai Financial Market