Dubai Financial Index, at its highest level in 8 months

Local money market liquidity exceeds one billion dirhams

Dubai Financial Market index closed at 2399 points.

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The liquidity of the local money markets, which was dealt during the mid-week session yesterday, exceeded one billion dirhams, as the Dubai Financial Market witnessed strong rises that pushed the general index 45 points upward, equivalent to 1.92%, achieving market gains of five billion dirhams, the highest During the past eight months, profit-taking pressured the Abu Dhabi Securities Market index, to fall by 0.54%.

According to the data of the two markets, the Dubai Financial Market index closed yesterday at 2399 points, with trades totaling 470 million dirhams.

Shares of 25 companies out of the 32 companies that were traded rose, while shares of five companies declined and two companies remained steady.

Emaar Properties' shares closed up 4.5% at 3.24 dirhams, with more than 37 million shares traded, while Emaar Development rose 6.2% at 2.73 dirhams, and trades exceeded 16 million shares.

On the Abu Dhabi Stock Exchange, the general index decreased by 0.54%, at 4947 points, with trades amounting to a total of 542 million dirhams.

First Abu Dhabi’s share closed down 1.2%, at 12.74 dirhams, and in turnover of nearly eight million shares, while Abu Dhabi Islamic Bank’s share rose 0.4% at Dh4.7, with transactions that exceeded eight million shares as well.

In addition, financial analyst Walid Al-Khatib said, “The positive news that came with the amendments to the Companies Law, which allows for an increase in the percentage of foreign ownership and implies an increase in foreign investment, has succeeded in stimulating the Dubai Financial Market Index to continue the rise it started from the beginning of the week. », Indicating that the trading volumes in the markets were good, and liquidity moved significantly on a large number of stocks, which contributed to very acceptable price rises in the Dubai Financial Market, explaining that the rises of the Dubai Financial Market Index, during yesterday's session, were the highest during the eight months Past.

Al-Khatib indicated that the Abu Dhabi Stock Exchange was exposed to profit-taking operations that pressured its general index, and despite that there was clear resistance to the decline, so the decline came slightly by about half a percent, and yet the liquidity was strong and exceeded 400 million dirhams.

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