Dubai Financial rises 1.26% and Abu Dhabi Securities Exchange 0.28%
Two analysts: good performance of capital markets despite weak liquidity
The Dubai Financial Market witnessed the circulation of 146 million shares for 103 million dirhams.
Photography: Ahmed Arditi
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Two financial analysts expected a gradual improvement in the levels of liquidity in the money markets in the coming period, pointing out that the external and internal factors are good, and there is nothing that affects the performance of the two markets negatively.
They confirmed to "Emirates Today" that despite the low volumes of liquidity, the two markets achieved gains, supported by some leading stocks, and recorded a good performance.
The general index of the Dubai Financial Market closed at 2,208 points, a growth of 1.26%, and the general index of the Abu Dhabi Securities Exchange increased by 0.28%, closing at 4559 points.
And the market value of the traded companies' shares gained about three billion dirhams at the close of trading.
Dubai Financial
In detail, the Dubai Financial Market index rose 1.26% during yesterday's session, gaining 27.5 points, and closing at 2208 points.
During yesterday's session, 146 million shares were traded, with a liquidity of 103 million dirhams, through 2.19 thousand transactions.
The real estate sector supported the market, rising by 2.07%, while the banking sector rose by 1.12%.
The session witnessed a rise in the leading stocks in both sectors, as the shares of "Emaar Properties" rose 1.91%, "Union Properties" 0.69%, and "Dubai Islamic" 1.70%, and other shares rose beside the "leadership", and at strong rates such as the share of « Damac, which rose by 4.35%, “Al Mashreq” by 8.36%, “Emaar Development” 3.18%, and “Dubai Investments” 2.70%.
The share of «Union Properties» the most traded in the market, with a trading volume of 50.71 million shares, followed by «Ithmaar» with a trading volume of 28.9 million shares, in addition to «Emaar», which recorded a circulation of 9.19 million shares.
Abu Dhabi Securities
In turn, the Abu Dhabi Stock Exchange rose by 0.28%, closing at 4559 points, through transactions of 206.87 million shares, valued at 655.26 million dirhams.
The leading market sectors witnessed a remarkable recovery, led by real estate by 2.69%. The most prominent gainer was the share of "Aldar Properties", which rose by 2.86%, and the market witnessed a rise in the share of "Abu Dhabi National Building Materials" 12.2%.
Liquidity improves
In addition, financial analyst Jamal Ajaj said that despite the low volumes of liquidity in both markets, especially the Dubai Financial Market, the market’s performance has achieved increases, supported by some leading stocks in both markets, especially in the real estate and banking sectors.
Agag expected liquidity levels to gradually improve, in conjunction with the market’s maintenance of good closing levels during the current week’s sessions, especially that the global and oil markets are in a stable position, and there is nothing that negatively affects the financial markets.
Transverse movement
For his part, the manager at Al-Ansari Financial Services Company, Abdul Qader Shaath, said that despite the weak trading, especially in the Dubai Financial Market, the good thing is the ability of Dubai Financial to conclude its dealings in yesterday's session at an altitude, pointing out that the rises came Supported by real estate sector rises.
He continued: “From a technical point of view, the market is moving in a sideways movement in a range of 20 points up and down, as the market still maintains a range above 2200 points,” indicating that the performance of the Abu Dhabi Stock Exchange was good, but liquidity is relatively weak.
He added, "The index in the Abu Dhabi Securities Exchange targets 4,600 points in the short term (10 days), as the market still maintains levels above 4,500 points, which is a good level for the index, from which it can proceed to the target at the near level."
Shaath expected liquidity to gradually improve, especially as external and internal factors are good, and there is nothing that affects the performance of the two markets negatively.
External and internal factors are good, and nothing negatively affects the performance of the Dubai Financial Market and Abu Dhabi Securities Market.
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