Experts: Supported by the positive atmosphere ... and the return of major events to convene
16 billion dirhams gains in local money markets
Trading liquidity in the Dubai and Abu Dhabi markets has reached more than one billion dirhams.
Photography: Ashok Verma
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The companies listed in the local capital markets achieved market gains of 16 billion dirhams yesterday, while the dealt liquidity recorded one billion and 88 million dirhams.
Experts attributed these gains to the interaction of the markets with the return of major events, such as "GITEX Technology Week", as well as the positive atmosphere resulting from official statements about the speed of recovery from the repercussions of "Corona".
Dubai market
In detail, the Dubai Financial Market index closed yesterday, up by 2.57% at 2,482 points, with trades totaling 586 million dirhams.
Shares of 30 companies closed higher, out of 33 companies whose shares were traded, while the shares of two companies declined, and one company remained steady.
Emaar Properties closed up 8.2% at 3.44 dirhams, with transactions that exceeded 37 million shares, the highest level for the share in more than nine months.
Abu Dhabi Market
On the Abu Dhabi Stock Exchange, the general index rose by 1.38% over 5,000 points for the first time in more than nine months, with trades totaling 502 million dirhams.
Dana Gas rose 2.5% at 0.7 dirhams, and traded more than 24 million shares.
Best
In addition, the financial analyst and chief executive officer of strategies and clients at Al-Dhabi Capital, Muhammad Ali Yassin, said that the performance of the markets yesterday was the best since several months ago, whether in terms of prices, liquidity and trading volumes, attributing this to several reasons, on top of which Optimism about the vaccine, the return of tourism and the movement of events, and the importance this poses for the real estate sector, especially in Dubai, so real estate stocks topped the gains.
Yassin added that the clarity of vision regarding the US elections, the oil agreements, and the expectation of future price rises as a result of increased demand, and all these positive factors contributed to spreading an atmosphere of optimism.
interaction
For his part, the expert in financial markets, Walid Al-Khatib, said, “Our local markets have interacted well with positive factors, most notably the positive news in addition to the return of activities and events, the most important of which is (GITEX Technology Week),” indicating that the markets recorded declines in the past due to the virus. Corona », as prices have reached very attractive levels for investment far from risk.
Al-Khatib stressed that the psychological factor of dealers was very serious yesterday, which positively affected performance, prices and liquidity.
Surprising performance
In turn, the expert in financial markets, Jamal Ajaj, said that "the performance of the markets came as a surprise to everyone because of the positive atmosphere, in addition to official statements about the speed of recovery in the UAE, and news of the vaccine."
He pointed out that oil price levels currently reach $ 50, which promises to compensate for the huge losses incurred by the global economy.
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