Local stock indices maintained during the day's trading, and rises were recorded in both the Dubai Financial Market and Abu Dhabi Stock Exchanges with the support of purchases on leading shares and the decline in the monetization operations of their mortgaged banks in exchange for financing.
The general index of the Dubai Financial Market closed 1.3% higher at the level of 1832 points, adding 23 points to close last weekend, while the Abu Dhabi Securities Market Index ended the session up by 2.87% at the level of 3879 points, while the market value of companies listed in both markets rose 12.5 billion AED.
The money market expert, Walid Al-Khatib, said, "Today's session was marked by purchases on leading shares such as Emaar Properties and a number of bank shares," noting that the entry of buyers came after the prices reached levels in which all the surrounding conditions were tested, whether related to the Corona virus, oil declines or Even the performance of American markets. He explained that the "Emaar" share was sold for more than two dirhams, with a book value of 8 dirhams, which is a very profitable investment, but the majority of investors enter the market temporarily and not medium or long-term, because of the lack of clarity of vision and this does not give an opportunity for a strong bounce, compensating for the successive loss The markets suffered due to the effects of the Corona virus and the concerns of declining economic growth globally.
Al-Khatib added that one of the factors of cohesion and support of the market today is also the decline in the liquidation of mortgaged shares, which has continued at a high rate over the past two weeks, confirming that the largest percentage of margin trading has been covering its open positions and what contributed to maintaining the coherence of indicators and ending the session on an increase.
According to the data of the two markets, the Dubai Financial Market closed today, up by 1.28% at the level of 1832 points, with transactions totaling 148 million dirhams.
Shares of 19 companies rose out of 34 companies traded, while shares of 11 companies decreased, and 4 companies remained unchanged.
Deyaar Development closed up 1.9% at 0.22 dirhams, with turnovers close to 26 million shares, while Emaar Properties increased by 5.7% at 2.43 dirhams, and trades exceeded 20 million shares.
"DXB Entertainments" shares increased by 3.1% at 0.13 dirhams, and trades nearly 18 million shares, while "GFH" shares rose 2.4% at 0.55 dirhams, and trades exceeded 17 million shares.
Al-Etihad Real Estate was the most heavily traded share, closing at its previous price of 0.21 dirhams, with trading close to 31 million shares.
In the Abu Dhabi Securities Exchange, the general index ended today's session, up by 2.87% at the level of 3879 points, with transactions totaling 144 million dirhams.
ADNOC Distribution closed at 2.7 dirhams, with trading exceeding 20 million shares.
The share of Ras Al Khaimah Real Estate rose by 3.8% at 0.41 dirhams, and trading close to 6 million shares, while Dana Gas closed at the previous price of 0.56 dirhams, and trading exceeded 7 million shares.