The financial markets in the country rebounded yesterday, to compensate for part of the losses of three sessions of the consecutive decline, with the support of local purchases and reassuring decisions from the Securities and Commodities Authority, in addition to an upward performance of the global and Gulf markets and a partial rebound in oil prices.

The indexes of the Dubai Financial Market and Abu Dhabi Securities were topped by gains in the Gulf markets, with the first closed up by 7.32%, the second by 5.52% accompanied by a near-mass rally for listed stocks, while the market value of companies traded in the markets rose by 32 billion dirhams.

Two financial analysts said, "There is a clear entry for local individual investors to seize the opportunities of low prices to levels not seen in the markets for six years," stressing the positive role played by the decisions and initiatives of the Securities and Commodities Authority, along with the case of the rise in the Gulf and global financial markets.

Dubai Market

In detail, the general index of the Dubai Financial Market increased by the end of yesterday's session by 7.32% adding 152 points and closed at the level of 2231 points, accompanied by transactions worth 447.5 million dirhams, to 343 million shares executed through 6470 transactions, 38 shares were traded, of which 31 rose, Five fell, and two shares remained unchanged.

GFH shares closed 4.4% higher at 0.71 dirhams, with trades exceeding 40 million shares, while Union Properties increased by 7.4%, at 0.17 dirhams, and trades approached 40 million shares.

Emaar Properties shares rose by 7.4% at 2.9 dirhams, and trading exceeded 22 million shares, while «DXB Entertainment» shares closed at the previous price of 0.13 dirhams, and trades nearly 26 million shares.

In the list of most traded, Deyaar Development came up by 2.5%, at 0.24 dirhams, and trading exceeded 65 million shares.

Abu Dhabi Index

In the Abu Dhabi Securities Market, the general index closed up 5.52% to close at 4263 points, with transactions totaling 259 million dirhams, resulting in transactions on 81 million shares, executed through 3288 transactions.

"Dana Gas" shares increased by 1.1% to reach 0.71 dirhams, and trading exceeded 17 million shares.

Shares of Ishraq Investment increased by 14% to reach 0.25 dirhams, with trades close to eight million shares, while Abu Dhabi Commercial Bank increased by 8% to reach 5.8 dirhams, and transactions exceeded seven million shares.

Stock quotes

For his part, Jamal Ajaj, director of the Sharhan Center for Shares and Bonds, said that “share prices reached during three consecutive sessions of decline to levels that we had not seen since five or six years ago, which led many local investors to enter and seize opportunities, especially as the dividend benefits The companies are still standing, which revolves around an average of 7% and reaches in some companies up to 10%, which constitutes a lucrative return, along with expectations of improved oil prices that started in trading yesterday morning ».

Local purchases

For his part, the director of Al-Ansari Financial Services Company, Abdel-Qader Shaath, said that “local purchases yesterday were the biggest factor in the improvement and regression of the markets due to the attractive price levels reached by the majority of the listed shares, so there was entry on the majority of the shares, which was reflected in the near rise Collectively, and some of them reached the maximum allowed, ”adding that the decisions and initiatives of the Securities and Commodities Authority announced at the end of the session the day before yesterday, which included assurances to investors to stop the forced liquidation of shares by banks, and to confirm that there is no short sale and other decisions, re- The calm Loyalty and trust to the investors.

Shaath added that the positive atmosphere, whether at the level of global or Gulf markets, helped the local markets to rebound and compensate for part of the losses suffered during the three consecutive sessions.

And that oil prices have also witnessed a decrease in their sharp declines and increased in trading yesterday by 10%, which positively affected the markets.

US stocks open higher

US equity indices opened more than 2% higher yesterday, as investor anxiety eased thanks to hopes for coordinated monetary easing to avert a global recession.

The Dow Jones industrial average rose 601.98 points, or 2.52%, upon opening to 24,453 points, while the Standard & Poor's 500 Index rose 66.92 points, or 2.44%, to 2813.48 points, while the "Nasdaq Composite" gained 269.09 points, or 3.38% to 8219.76 points.

New York - Reuters

Dubai and Abu Dhabi indexes top the Gulf markets.

The dividend payout of companies with an average turnover of 7% remains.