It maintained a market capitalization above a trillion dirhams
28.3 billion dirhams, local shares gain in a week
The Dubai Financial Market index closed at 2160 points.
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Ahmed Saifuddin: "The state of anticipation for the results of the US elections affected the performance of the markets."
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Local shares maintained a market capitalization above one trillion dirhams, at the end of a week of trading, yesterday, after it gained 28.3 billion dirhams at the end of last week's trading.
The Dubai Financial Market index closed at 2160 points at the end of last week’s sessions, and the Abu Dhabi Stock Exchange closed at 4,718 points by the end of trading.
For their part, two financial analysts said: “The markets went through an occasional movement, despite achieving gains in market value. This accidental move came in conjunction with the presence of external influences linked to the US elections, and internal influences, which is weak liquidity.”
In detail, the local stock markets witnessed a rise in the market value of 28.3 billion dirhams, as the markets maintained a market value above the one trillion dirhams barrier at the end of last week's trading.
These gains came after the market’s success in closing the green square in most of the week’s transactions, in which the value of liquidity in circulation exceeded 2.6 billion dirhams.
The market value of local shares increased to about 1.03 trillion dirhams, compared to yesterday's reaching the level of one trillion dirhams.
The market value of Dubai’s shares reached 308.54 billion dirhams, and the market value of Abu Dhabi’s shares reached 718.48 billion dirhams.
The general index of the Abu Dhabi Securities Exchange increased by 0.6%, surpassing the level of 4718 points, while the general index of the Dubai Financial Market closed at 2160, an increase of 0.32%, compared to the previous day.
Banking and real estate stocks continued to provide support to all markets in yesterday's session, attracting the bulk of the liquidity in circulation.
On the Dubai Financial Market, Emirates NBD shares rose to 9.62 dirhams, and Emaar Malls closed at 1.42 dirhams.
For his part, Director of Al-Ansari Financial Services Company, Abdul Qader Shaath, said that “the stock markets witnessed occasional movement of many stocks in both markets, in conjunction with anticipation of the results of the US elections and their outcome, and the impact of their results on global stock exchanges.” Other factors that affected the market were the low level of liquidity, especially in the Dubai Financial Market.
He pointed out that “despite the market’s performance, some stocks witnessed a different performance, including (Global Holding) in the Dubai Financial Market, which reached 41 dirhams per share, and acquired part of the market’s liquidity, and (TAQA) share on the Abu Dhabi Stock Exchange. , Which rose to the maximum limits at the weekend session, pointing out that the stock's rises came after the company's board of directors intended to discuss allowing non-citizens to own in the company's shares.
For his part, Head of Operations Department at Daman Investment Company, Ahmed Saifuddin, said, "The anticipation for the results of the US elections affected the performance of the markets, especially in the Dubai Financial Market, whose performance was conservative in several sessions of the week."
On the other hand, the Abu Dhabi Stock Exchange performed well in conjunction with support from some sectors in the market, most notably the energy sector, with the share of "Taqah" company increasing significantly by the end of the week's trading, in conjunction with the study of allowing non-citizens to own property, after it was limited to Citizens only.
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